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ICSID ad hoc Committee deducts sum from oil profits award in annulment proceeding (Perenco v Ecuador)

ICSID ad hoc Committee deducts sum from oil profits award in annulment proceeding (Perenco v Ecuador)
Published on: 02 June 2021
Published by: Law360
  • ICSID ad hoc Committee deducts sum from oil profits award in annulment proceeding (Perenco v Ecuador)
  • What did the ad hoc Committee decide?

Article summary

Law360: An International Centre for Settlement of Investment Disputes (ICSID) ad hoc annulment Committee (the Committee) deducted $US 35.6m from a $US 448.82m arbitral award issued in September 2019 to a Bahamian oil company in a long-running dispute with Ecuador over the allocation of profits from two oil blocks in the Amazon, finding there was a lack of reasoning in the original arbitral tribunal’s award. The Committee otherwise rejected the vast majority of the state’s grounds for annulment. or take a trial to read the full analysis.

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