ConocoPhillips and Ecuador agreed to phrases of a settlement below an arbitration award in a case the place the power firm had been looking for compensation associated to confiscation of property.

A World Bank panel in February ordered the South American nation to pay $380 million in damages to the oil and gasoline producer’s subsidiary Burlington Resources.

ConocoPhillips mentioned it obtained $75 million on Dec. 1 and would obtain $262 million by April 2018.

@onlinelaw@

The settlement contains an offset for the choice awarding Ecuador $42 million on its counterclaims, of which Burlington is entitled an extra $24 million, ConocoPhillips mentioned.

Source: www.worldoil.com

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