In one of the largest ICC cases in history, Three Crowns helped ConocoPhillips obtain a $2 billion arbitral award against PDVSA, the Venezuelan State-owned oil and natural gas company. The arbitration raised issues of contract interpretation, contractual and extra-contractual liability, and the net present value of two long-term projects of macro-economic significance. ConocoPhillips has since entered into a favourable settlement with PDVSA for the full value of the arbitral award, including interest.