CONOCOPHILLIPS 'NOT CLOSE' TO RECOUPING $2 BILLION FROM PDVSA: CEO

U.S. oil producer ConocoPhillips (COP.N) is far from collecting the full value of a $2 billion arbitration award against Venezuelan state oil company PDVSA [PDVSA.UL], Conoco's chief executive said on Tuesday. Conoco has won court orders allowing the company to begin seizing PDVSA assets in efforts to collect on an award by the International Chamber of Commerce (ICC) over the 2007 nationalization of its projects in Venezuela. While Conoco started seizing assets this month, Chief Executive Officer Ryan Lance is telegraphing that the company intends to escalate its campaign against PDVSA across the globe as it works to recoup losses.