ConocoPhillips Signs $2 Bln Settlement with PDVSA

U.S. oil producer ConocoPhillips (COP) said on Monday it has settled with Venezuela's state-run oil company, PDVSA, to recover about $2 billion in arbitration payment.

The International Chamber of Commerce awarded ConocoPhillips that amount in April after PDVSA failed to uphold various contractual commitments.

ConocoPhillips began seizing PDVSA's overseas assets in May.

(Reporting by Nivedita Bhattacharjee; Editing by Anil D'Silva)