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2008
Perenco v. Ecuador Perenco Ecuador Limited v. Republic of Ecuador (Petroecuador) (ICSID Case No. ARB/08/6)
Nationality of the parties
Ecuador
Bahamas
Summary of matters at issue
Sole operator and majority shareholder of rights in two oil blocks under two production sharing contracts concluded between Ecuador's oil company Petroecuador and several foreign investors; rights under joint operating agreements concluded with other entities holding interests in such blocks; contributions in personnel, equipment, technology, goods and services.
Claims arising out of Ecuador's enactment of Law No. 42 imposing a 99 per cent windfall levy on foreign oil revenues that allegedly resulted in the expropriation of Perenco's investment in Blocks 7 and 21 situated in the Ecuadorian Amazon region; particularly by depriving Perenco of its contractual right to an agreed participation percentage of the crude oil produced in the Blocks.
Economic sector and subsector
Primary: B - Mining and quarrying
6 - Extraction of crude petroleum and natural gas
Arbitral rules and administering institution
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Composition of tribunal
Tomka, P.
Bingham, T. (replaced)
Kaplan, N.
Brower, C. N. (replaced)
Thomas, J. C.
Status/Outcome of original proceedings
Pending
Amount of compensation
440.00 mln USD
Data not available
IIA breaches alleged/found
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Other
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Follow-on proceedings
None
Link to Italaw's case page