PHILLIPS Petroleum Co. Iran received a $92 million settlement from the Iran-U.S. Claims Tribunal in compensation for an expropriated one-sixth interest in two oil fields off Iran. A tribunal award of $110 million to Phillips last June did not dispose of a counterclaim by Iran for oil received by Phillips under purchase contract. The current settlement, minus a $1 million statutory fee deducted by the U.S. Treasury Department, disposes of all claims and counterclaims.

In order to access this content, you must be logged-in and have an active subscription to the OGJ Premium Archive


More in Reserves