In one of the largest ICC cases in history, Three Crowns helped ConocoPhillips obtain a US$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 favorable settlement with PDVSA for the full value of the arbitral award, including interest.
Three Crowns lawyers also act as counsel to ConocoPhillips in a parallel ICSID claim against Venezuela, arising from the State’s nationalization of its oil industry. By representing ConocoPhillips in both the ICC and ICSID proceedings, the firm has played an integral strategic role in helping ConocoPhillips obtain redress for its loss.