Government & Regulatory | General News | Legal / Lawsuit
Conoco Awarded $380MM in Ecuadorian Expropriation Settlement
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ConocoPhillips' wholly owned subsidiary, Burlington Resources Inc., received an arbitration award of $380 million from an international arbitration tribunal, constituted under the International Centre for the Settlement of Investment Disputes (ICSID), for Ecuador's unlawful expropriation of Burlington's significant investment in breach of the U.S.-Ecuador bilateral investment treaty.
The decision is subject to potential annulment proceedings, but the company believes any application seeking to annul the award would be meritless and ConocoPhillips would strongly defend against it. The timing and manner of collection remain to be determined.
The Tribunal also issued a separate decision finding that Ecuador was entitled to $42 million for limited environmental and infrastructure impacts…
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