Originally from the Journal of Damages in International Arbitration

Preview Page

CONOCOPHILLIPS PETROZUATA B.V., CONOCOPHILLIPS HAMACA B.V. AND CONOCOPHILLIPS GULF OF PARIA B.V. V. BOLIVARIAN REPUBLIC OF VENEZUELA, ICSID CASE NO. ARB/07/30
AWARD, MARCH 8, 2019
DECISION ON RECTIFICATION, AUGUST 29, 2019

The Parties
ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V. and ConocoPhillips Gulf of Paria B.V. (the “Claimants”), Bolivarian Republic of Venezuela (“Venezuela” or the “Respondent”) 

Sector
Oil

Applicable Law
Agreement on Encouragement and Reciprocal Protection of Investments between the Kingdom of the Netherlands and the Republic of Venezuela signed on October 22, 1991 (the “Netherlands-Venezuela BIT” or the “BIT”) 

Members of the Tribunal
Mr. Eduardo Zuelta (President, appointed by the Chairman of the Administrative Council), Mr. L. Yves Fortier (Claimants’ appointee), and Professor Andreas Bucher (appointed by the Chairman of the Administrative Council) 

I.  BACKGROUND

This dispute concerns the Claimants’ interests in two extra-heavy oil projects in the Orinoco Oil Belt in Venezuela, the “Petrozuata Project” and the “Hamaca Project,” and an offshore project to extract light to medium crude oil, the “Corocoro Project.”