It would be fairly unusual for parties not to discuss a settlement after the arbitration hearing. It's a bit like playing poker, each step of the process provides more information for the parties to use in decision making.

After the hearing, the parties usually have a more reasonable idea of what to expect from the panel and a decent guess at the damages number compared to before the hearing. So at that time, settlement becomes more likely as the parties both have a better idea of where things stand.

Chavez can stick his gold where the sun don't shine -- as long as he exports oil he will have to pay all international arbitration awards as long as he lives, and for a few decades afterwards.

p.s. Freshfields is a first rate international arbitration firm that will get us a large award as long as we can pay their bills. :)