ConocoPhillips Not Close to Recouping $2 bln From PDVSA

U.S. oil producer ConocoPhillips (COP) is nowhere close to recouping the value of a $2 billion arbitration award against Venezuelan state oil company PDVSA , its chief executive said on Tuesday.

Conoco has won court orders allowing it to begin seizing PDVSA assets in efforts to collect on the award linked to the 2007 nationalization of the company's assets under late Venezuelan leader Hugo Chavez.

"It's not close to the $2 billion today, but over time we expect to be able to recover it," CEO Ryan Lance said at the company's annual shareholder meeting in Houston. "We're just trying to look where all the assets are."

Reporting by Ernest Scheyder