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ConocoPhillips, Ecuador to Settle World Bank Arbitration Award

Published in Oil Industry News on Wednesday, 6 December 2017


Graphic for News Item: ConocoPhillips, Ecuador to Settle World Bank Arbitration Award

ConocoPhillips and Ecuador agreed to terms of a settlement under an arbitration award in a case where the energy company had been seeking compensation related to confiscation of assets.


A World Bank panel in February ordered the South American country to pay $380 million in damages to the oil and gas producer’s subsidiary Burlington Resources.

ConocoPhillips said it received $75 million on Dec. 1 and would receive $262 million by April 2018.


The settlement includes an offset for the decision awarding Ecuador $42 million on its counterclaims, of which Burlington is entitled an additional $24 million, ConocoPhillips said.







Source: www.worldoil.com

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