Work Area: Oil and gas

ICSID panel sets conditions for lifting stay of Conoco award

An ICSID annulment committee has agreed to lift a stay of enforcement on ConocoPhillips’ US$9 billion award against Venezuela subject to conditions – while again refusing to exclude lawyers instructed by the country’s opposition leader Juan Guaidó.

04 November 2020

ICSID creditor sues New York bank over Egypt funds

A Spanish entity has brought a US court action against Egypt and the Bank of New York Mellon – seeking to void an agreement that is allegedly enabling the state to evade payment of a US$2 billion ICSID award.

03 November 2020

Injunction lifted in fight over funds tied to 1MDB

A London court has lifted an injunction that prevented Clyde & Co from transferring US$340 million to its Saudi-owned client to comply with an UNCITRAL award  – funds that US and Malaysian prosecutors allege can be traced to the 1MDB corruption scandal.

02 November 2020

US court won’t enforce Iraqi oilfield award

A court in Washington, DC has refused to enforce an ICC award against an Iraqi state-owned oil company – ruling the entity was separate from the state and lacked commercial ties to the jurisdiction.

30 October 2020

Romanian oilfields dispute leads to ICC claim

An entity linked to Kazakhstan’s state-owned oil and gas company has been hit with an ICC claim, as a UK energy company tries to seize its minority stake in a Romanian oilfield.

23 October 2020

Contractor fails in Samsung drillship award challenge

A London court has declined to hear a Luxembourg-based drilling contractor’s challenge to an arbitration award worth US$320 million won by Korean shipbuilder Samsung Heavy Industries.

22 October 2020

Chevron escapes bulk of jetty claim

An UNCITRAL tribunal has dismissed the bulk of a US$1.3 billion claim by an Australian construction company against Chevron over the construction of a jetty for one of the world’s largest natural gas projects.

21 October 2020

Nigeria defeats multibillion-dollar oil claim

Nigeria has defeated an ICSID claim said to be worth around US$3 billion, brought by US investors who alleged the state had conspired to expropriate their stake in an oil exploration venture.

07 October 2020

Nigerian oil block dispute to settle

The Nigerian National Petroleum Corporation (NNPC) has agreed preliminary settlement terms for a long-running tax dispute with two investors in an offshore oil and gas block that gave rise to a pair of under-the-radar arbitrations.

20 August 2020

Venezuelan oil tanker targeted in Singapore

A subsidiary of a US glass manufacturer has reportedly applied to a Singapore court to seize an oil tanker owned by Venezuela’s national oil and gas company PDVSA, in its latest attempt to enforce an ICSID award worth over US$500 million.

14 August 2020

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