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UPDATE 1-Arbitration tribunal dismisses Conoco claim against PDVSA -Guaido adviser

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CARACAS, Aug 2 (Reuters) - The International Chamber of Commerce's arbitration tribunal has dismissed U.S. oil company ConocoPhillips' $1.5 billion claim against Venezuelan state oil company PDVSA, an adviser to opposition leader Juan Guaido said on Friday.

The case related to Venezuela's breaking of a contract with Conoco regarding its stake in an offshore oil project called Corocoro. Under the arbitration ruling, PDVSA will have to pay only $33.7 million for an outstanding loan to Conoco, the adviser, Jose Ignacio Hernandez, wrote on Twitter.

The Corocoro case is separate from an $8.7 billion award granted to Conoco by the World Bank's International Center for Settlement of Investment Disputes (ICSID) related to the 2007 expropriation of all of Conoco's projects in the South American country.

Hernandez, designated as Guaido's chief legal representative abroad, is seeking to annul that award, arguing that the methodology to determine the compensation was "errant."

Guaido, the leader of the opposition-controlled National Assembly, in January invoked Venezuela's constitution to assume an interim presidency, arguing President Nicolas Maduro's 2018 re-election was illegitimate. Maduro calls Guaido a U.S. puppet seeking to oust him in a coup.

Guaido and Hernandez have prioritized protecting PDVSA's assets abroad, namely U.S. refining subsidiary Citgo , which has come under threat by creditors and other parties seeking compensation from Venezuela's highly indebted government.

Conoco has separately sued PDVSA and Citgo in a Texas court requesting that Citgo's assets be protected from other creditors and not be sold until the arbitration process is ultimately resolved.

(Reporting by Luc Cohen; Editing by Marianna Parraga and Will Dunham)