OIL AND GAS
Phillips Petroleum Company Venezuela Limited et al v. Petroleos De Venezuela, S.A. et al (Final Award), 24 April, 2018, ICC Case No. 20549/ASM/JPA (C-20550/ASM)
Dispute arising over the Venezuelan Respondent’s alleged unlawful confiscation of the Bermudian and Dutch Claimants’ interests in two extra-heavy crude oil joint ventures in Venezuela. A three-member ICC panel seated in New York City issued a unanimous, final award in excess of $2 billion in favor of the Claimants.