On February 7, 2017 an arbitral tribunal composed of Professor Gabrielle Kaufman-Kohler (President), Professor Brigitte Stern, and Mr. Stephen Drymer issued its Decision on Reconsideration and Award in ICSID Case No. ARB/08/5, Burlington Resources v. Republic of Ecuador (the “Award”), which was brought under the Treaty between the United States and Ecuador concerning the Encouragement and Reciprocal Protection of Investments (the “BIT”). The Tribunal awarded Claimant total damages in the amount of USD 379,802,267 (plus interest) and ordered Claimant to bear the entirety of PetroEcuador’s costs in the amount of USD 48,589.72 as well as 35 percent of the costs of the arbitration, arising from Ecuador’s unlawful expropriation of Claimant’s interests investments in Blocks 7 and 21.
The Award addressed Ecuador’s Motion to Reconsider the Decision on Liability as well as the quantum of damages due to Burlington for Ecuador’s unlawful expropriation. The Award upheld an earlier decision on liability rendered on 14 December 2012 by an arbitral tribunal composed of Professor Gabrielle Kaufman-Kohler (President), Professor Brigitte Stern, and Prof. Francisco Orrego Vicuña (the “Decision on Liability”).