ConocoPhillips in Ecuador settlement
Ecuador
HOUSTON, December 5, 2017 – Ecuador has agreed to pay ConocoPhillips USD 337 million in a settlement for the expropriation of two blocks, the E&P giant announced on Monday.
In 2012, the International Centre for Settlement of Investment Disputes decided that Ecuador’s 2009 expropriation of blocks 7 and 21 violated the bilateral investment treaty between the USA and Ecuador.
“We are pleased that the government of Ecuador abides by the rule of law and worked constructively with us to come to a mutually acceptable resolution,” the senior vice-president of ConocoPhillips’s legal and general counsel, Janet Carrig said in a statement.
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