Occidental Exploration and Production Company v. The Republic of Ecuador, LCIA Case No. UN3467 (US/Ecuador BIT), Judgment of the High Court of Justice regarding challenge to arbitral award (March 2, 2006)
This is the second stage of proceedings in the English courts in which the Republic of Ecuador (“Ecuador”) challenges an arbitration award dated 1 July 2004. The arbitration was held under the Arbitration Rules of UNCITRAL and the seat of the arbitration was London. The dispute between Ecuador and the Occidental Exploration and Production Company (“OEPC”) which gave rise to the arbitration award arose in connection with a Bilateral Investment Treaty between the USA and Ecuador signed on 27 August 1993 (“the BIT”) and a contract between OEPC, Ecuador and Empresa Estatal Petroleos de Ecuador (“Petroecuador”), a state–owned corporation of Ecuador, dated 21 May 1999 (“the Contract”). The Contract granted OEPC the exclusive right to carry out the exploration and exploitation of hydrocarbons in an area called Block 15 in the Ecuadorian Amazon basin region.