We represent ConocoPhillips in its ICSID arbitration against Venezuela. In March 2019, after defeating defences on jurisdiction and liability, seven arbitrator challenges, and three motions for reconsideration, we obtained an award of approximately $8.5 billion—the largest award in ICSID history. The dispute arises out of Venezuela’s expropriation of three of ConocoPhillips assets and raises issues of treaty interpretation, the interface between private and international law, and the quantification of damages for the expropriation of assets in a volatile region. Two competing Venezuelan regimes have sought annulment of the award and that proceeding is ongoing.
26 August 2020