ConocoPhillips has begun the process of recovering over $2 billion in Venezuelan global assets that was awarded last month by an international trade court, but is “not close” to locating and taking back that sum, the company’s CEO said Tuesday. ConocoPhillips began enforcement actions in early May and these are ongoing in the US, Caribbean, Asia and Europe, per the April 24 award, CEO Ryan Lance said at an annual shareholder meeting. “We don’t have an estimate today” of the amount that has already been located and seized, Lance said. “We’re trying to look at where all the assets are [but] it’s not close to $2 billion today. Over time we expect to recover it.” Different jurisdictions require a full appeals process before assets can be attached, he said, adding ConocoPhillips has filed in courts in the US, Asia, Europe and the Caribbean. Article continues below… Platts Calgary Energy […]