Ecuador Gets Nearly $36M Trimmed From Oil Profits Award

Bizar Male
Law360 (June 1, 2021, 9:47 PM EDT) — An international committee has shaved off some $35.6 million from a $448.82 million arbitral award issued to a Bahamian oil company in a long-running dispute with Ecuador over the allocation of profits from two oil blocks in the Amazon, saying there was a lack of reasoning.

The International Centre for Settlement of Investment Disputes annulment committee concluded in its decision Friday that the tribunal that issued the award hadn’t properly explained why Perenco Ecuador Ltd. was owed $25 million in compensation for a “loss of opportunity” after its contract to operate one of the two oil blocks in question was terminated, since…

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