UPDATE 1-ConocoPhillips 'not close' to recouping $2 bln from PDVSA- CEO

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HOUSTON, May 15 (Reuters) - U.S. oil producer ConocoPhillips 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 by the International Chamber of Commerce (ICC) over the 2007 nationalization of its projects in Venezuela.

While it seized some assets earlier this month, Conoco is clearly telegraphing that it intends to escalate its campaign against PDVSA across the globe as it works to recoup its losses. That threatens to further limit revenue at the state-controlled firm, the single largest moneymaker for the OPEC-member nation.

"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."

Conoco has filed with courts in the United States, Hong Kong, the United Kingdom and throughout the Caribbean in an attempt to begin the legal process of seizing additional PDVSA assets, said Lance.

Conoco has had early success in some Dutch regions of the Caribbean due to specific legal statutes, though other jurisdictions are expected to take longer, Lance said.

The moves have disrupted fuel deliveries throughout the Caribbean, much of which depends on PDVSA.

"We're trying to minimize any impact that this might have on the islands in the Caribbean," Lance said. "We are concerned about putting them in the middle of this thing, between PDVSA and ourselves."

Houston-based Conoco has two other outstanding arbitration awards against PDVSA.

Shares of the company were up about 0.6 percent at $70.06 in trading late Tuesday morning. (Reporting by Ernest Scheyder; editing by Jonathan Oatis and Tom Brown)