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ICSID tribunal—investors’ US$198M claim against Nicaragua for oil dispute rejected

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Published on: 20 March 2023
Published by a LexisNexis Arbitration expert

Table of contents

  • Onshore oil contract
  • No ‘commercial discovery’
  • No oil found
  • Counterclaim dismissed
  • Counsel

Article summary

Arbitration analysis: An International Centre for Settlement of Investment Disputes (ICSID) arbitral tribunal rejected all claims brought by a group of US investors against the Republic of Nicaragua for the alleged expropriation of their investment in an oil exploration venture that failed to find significant deposits of oil and ordered the claimants to pay Nicaragua US$1.5m to partially reimburse its attorney fees and costs.

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Jurisdiction(s):
United Kingdom

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