ICSID Issues Award For Oil Company And For Ecuador In Drilling, Damages Dispute

Mealey's (October 1, 2019, 12:05 PM EDT) -- WASHINGTON, D.C. — The Republic of Ecuador must pay an oil company more than $448 million for breach of contract related to drilling sites in the Amazon while the oil company must pay Ecuador more than $54 million for environmental damage, a tribunal for the International Centre for Settlement of Investment Disputes (ICSID) ruled in an award issued Sept. 27 (Perenco Ecuador Limited v. The Republic of Ecuador, No. ARB/08/6, ICSID)....