ICSID - International Centre for Settlement of Investment Disputes

08/29/2019 | Press release | Distributed by Public on 08/29/2019 15:21

August 29, 2019 - ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V. and ConocoPhillips Gulf of Paria B.V. v. Bolivarian Republic of Venezuela (ICSID Case No.[...]

  • Subject of Dispute:
    Oil and gas enterprise
  • Economic Sector:
    Oil, Gas & Mining
  • Instrument(s) Invoked: i
    BIT Netherlands - Venezuela, Republica Bolivariana de 1991-Investment Law - Venezuela (1999)
  • Applicable Rules:
    ICSID Convention - Arbitration Rules
  • (a)Original Proceeding
    • Claimant(s)/Nationality(ies): i
      ConocoPhillips Gulf of Paria B.V. (Dutch), ConocoPhillips Petrozuata B.V. (Dutch), ConocoPhillips Hamaca B.V. (Dutch)
    • Respondent(s):
      Bolivarian Republic of Venezuela (Venezuelan)
    • Date Registered:
      December 13, 2007
    • Date of Constitution of Tribunal:
      July 23, 2008
      • Composition of Tribunal
      • President:
        Eduardo ZULETA (Colombian) - Appointed by the Chairman of the Administrative Council
      • Arbitrators:
        L. Yves FORTIER (Canadian) - Appointed by the Claimant(s)
        Andreas BUCHER (Swiss) - Appointed by the Chairman of the Administrative Council
      • Initial Composition of Tribunal
      • President:
        Kenneth KEITH (New Zealand)
      • Arbitrators:
        L. Yves FORTIER (Canadian)
        Ian BROWNLIE (British)
      • Reconstituted:
        February 1, 2010: Georges ABI-SAAB (Egyptian) appointed following the passing away of Ian BROWNLIE (British)
        August 10, 2015: Andreas BUCHER (Swiss) appointed following the resignation of Georges ABI-SAAB (Egyptian)
        April 22, 2016: Eduardo ZULETA (Colombian) appointed following the resignation of Kenneth KEITH (New Zealand)
      • Party Representatives
      • Claimant(s):

        Freshfields Bruckhaus Deringer, New York, NY, U.S.A.
        Three Crowns, London, U.K.

        Respondent(s):

        Curtis, Mallet-Prevost, Colt & Mosle, New York, NY, U.S.A. and Mexico City, Mexico;
        Procuraduría General de la República, Caracas, Venezuela
        De Jesús & De Jesús, Caracas, Venezuela and Paris, France

      • Language(s) of Proceeding:
        English,Spanish
      • Status of Proceeding:
        Concluded
      • Outcome of Proceeding:
        March 8, 2019 - The Tribunal renders its award.
  • (b)Rectification Proceeding
    • Claimant(s)/Nationality(ies): i
      Respondent(s)
    • Date Registered:
      April 18, 2019 (Respondent(s))
      • Party Representatives
      • Claimant(s):

        Freshfields Bruckhaus Deringer, New York, NY, U.S.A.
        Three Crowns, London, U.K.

        Respondent(s):

        Curtis, Mallet-Prevost, Colt & Mosle, New York, NY, U.S.A
        De Jesús & De Jesús, Caracas, Venezuela and Paris, France

      • Language(s) of Proceeding:
        English,Spanish
      • Status of Proceeding:
        Concluded
      • Outcome of Proceeding:
        August 29, 2019 - The Tribunal issues a decision on the rectification of the award.