Arbitral Digest

Matter

ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V. and ConocoPhillips Gulf of Paria B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/30)

Case no.
ARB/07/30
Applicable rules
ICSID Arbitration Rules
  1. 27 February 2012Arbitration

    27 February 2012Arbitration

    Decision on the Proposal to Disqualify L. Yves Fortier, Q.C., Arbitrator dated February 27, 2012

    International Centre for Settlement of Investment Disputes

    Decision summary
    The proposal to disqualify L. Yves Fortier was dismissed. Costs were reserved, and the suspension of the proceeding was terminated.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    1 year, 6 months and 7 days later · 554 days

  2. 3 September 2013Arbitration

    3 September 2013Arbitration

    Decision on Jurisdiction and the Merits dated September 3, 2013

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal dismissed ConocoPhillips Company's claims for lack of jurisdiction, accepted jurisdiction over specified claims by the three Dutch claimants, rejected the Article 3 claims, found that Venezuela breached its obligation to negotiate in good faith for compensation, set the valuation date as the date of the Award, and reserved costs and other questions.

    Supporting details

    2 authorities · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute
    • Vienna Convention on the Law of Treaties
      statute

    6 months and 7 days later · 188 days

  3. 10 March 2014Arbitration

    10 March 2014Arbitration

    Decision on Respondent's Request for Reconsideration dated March 10, 2014

    International Centre for Settlement of Investment Disputes

    Decision summary
    The majority concluded that the Tribunal did not have power to reconsider the Decision of September 3, 2013. It fixed a schedule for quantum briefs and reserved costs; Professor Georges Abi-Saab dissented.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    1 month and 25 days later · 56 days

  4. 5 May 2014Arbitration

    5 May 2014Arbitration

    Decision on the Proposal to Disqualify a Majority of the Tribunal dated May 5, 2014

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Chairman rejected Venezuela's proposal to disqualify Judge Kenneth Keith and L. Yves Fortier.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    1 year, 1 month and 26 days later · 422 days

  5. 1 July 2015Arbitration

    1 July 2015Arbitration

    Decision on the Proposal to Disqualify a Majority of the Tribunal dated July 1, 2015

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Chairman rejected the request for a third-party recommendation and rejected Venezuela's proposal to disqualify a majority of the Tribunal.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    5 months and 14 days later · 167 days

  6. 15 December 2015Arbitration

    15 December 2015Arbitration

    Decision on the Proposal to Disqualify L. Yves Fortier, Q.C., Arbitrator dated December 15, 2015

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal rejected the proposal to disqualify L. Yves Fortier and deferred the claimants' application for costs.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    1 month and 25 days later · 56 days

  7. 9 February 2016Arbitration

    9 February 2016Arbitration

    Decision on the Respondent's Request for Reconsideration dated February 9, 2016

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal maintained its conclusion that Venezuela breached its obligation to negotiate in good faith for compensation based on market value.

    Supporting details

    2 authorities · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute
    • Vienna Convention on the Law of Treaties
      statute

    1 month and 6 days later · 35 days

  8. 15 March 2016Arbitration

    15 March 2016Arbitration

    Decision on the Proposal for Disqualification of Arbitrator L. Yves Fortier, Q.C. dated March 15, 2016

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Two Members dismissed Venezuela's proposal to disqualify L. Yves Fortier and deferred the claimants' application for costs.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    4 months and 11 days later · 133 days

  9. 26 July 2016Arbitration

    26 July 2016Arbitration

    Decision on the Proposal to Disqualify L. Yves Fortier, Q.C., Arbitrator dated July 26, 2016

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Two Members dismissed Venezuela's proposal to disqualify L. Yves Fortier and deferred the claimants' application for costs.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    5 months and 22 days later · 175 days

  10. 17 January 2017Arbitration

    17 January 2017Arbitration

    Interim Decision dated January 17, 2017

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal dismissed the Respondent's third application for reconsideration and its claim based on alleged misrepresentations, and declared that Venezuela breached Article 6 of the BIT by unlawfully expropriating the claimants' investments in the three projects.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    2 years, 1 month and 19 days later · 780 days

  11. 8 March 2019Arbitration

    8 March 2019Arbitration

    Award of the Tribunal dated March 8, 2019

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal awarded compensation for the expropriation, additional compensation under the Petrozuata Association Agreement, contributions to legal fees and costs and advances paid to ICSID, with specified interest. It dismissed Venezuela's requested deduction and all other claims.

    Supporting details

    2 authorities · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute
    • Vienna Convention on the Law of Treaties
      statute

    5 months and 21 days later · 174 days

  12. 29 August 2019Arbitration

    29 August 2019Arbitration

    Decision on the Rectification of the Award dated August 29, 2019

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal rectified the compensation amounts in paragraph 1010(1) of the Award and rectified the Petrozuata Association Agreement amount to US$ 139,807,899. It dismissed other rectification applications and ordered each party to bear its own legal fees and costs.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    7 months and 5 days later · 218 days

  13. 3 April 2020Arbitration

    3 April 2020Arbitration

    Order on Applicant's Representation dated April 3, 2020

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Committee declined to exclude Curtis from the proceedings and rejected De Jesus's application of March 15, 2020; costs were reserved.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    3 months and 7 days later · 98 days

  14. 10 July 2020Arbitration

    10 July 2020Arbitration

    Recommendation of Lord Phillips dated July 10, 2020

    International Centre for Settlement of Investment Disputes

    Decision summary
    Lord Phillips recommended that the disqualification proposal be dismissed.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    13 days later · 13 days

  15. 23 July 2020Arbitration

    23 July 2020Arbitration

    Chair's Decision on the Proposal for Disqualification dated July 23, 2020

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Chairman rejected the proposal for disqualification because it did not meet the standard in Article 57 of the ICSID Convention.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    1 month and 5 days later · 36 days

  16. 28 August 2020Arbitration

    28 August 2020Arbitration

    Procedural Order No. 1 dated August 28, 2020

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Committee set the procedural framework and calendar for the annulment proceeding, including the hearing on the stay of enforcement and written submissions.

    Supporting details

    2 authorities · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute
    • ICSID Administrative and Financial Regulations, Regulation 25
      statute

    2 months and 5 days later · 66 days

  17. 2 November 2020Arbitration

    2 November 2020Arbitration

    Decision on Stay of Enforcement dated November 2, 2020

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Committee decided to discontinue the stay once the specified assurances concerning recovered Award funds, segregated accounts, and a guarantee from ConocoPhillips had been provided; costs were reserved.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute
  18. 2 November 2020Arbitration

    2 November 2020Arbitration

    Order on Venezuela Request for Reconsideration dated November 2, 2020

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Committee rejected Venezuela's request to reconsider the Order on Representation of April 3, 2020 and reserved costs.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    10 months and 27 days later · 331 days

  19. 29 September 2021Arbitration

    29 September 2021Arbitration

    Procedural Order No. 2 dated September 29, 2021

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Committee set the organization and sequence of the hearing on annulment and related procedural arrangements.

    Supporting details

    5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    11 months and 18 days later · 352 days

  20. 16 September 2022Arbitration

    16 September 2022Arbitration

    Recommendation on the Proposal for the Disqualification of Judge Dominique Hascher and Professor Diego Fernandez Arroyo dated September 16, 2022

    International Centre for Settlement of Investment Disputes

    Decision summary
    Judge Ian Binnie recommended dismissal of Venezuela's proposal to disqualify Judge Dominique Hascher and Professor Diego Fernandez Arroyo.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    11 days later · 11 days

  21. 27 September 2022Arbitration

    27 September 2022Arbitration

    Chairman's Decision on the Disqualification of Judge Dominique Hascher and Professor Diego Fernandez Arroyo dated September 27, 2022

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Chairman rejected Venezuela's proposal to disqualify Judge Dominique Hascher and Professor Diego Fernandez Arroyo.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    4 months and 19 days later · 141 days

  22. 15 February 2023Arbitration

    15 February 2023Arbitration

    Order on the Applicant's Request for Reconsideration of the Decision of 29 September 2021 Discontinuing the Stay of Enforcement dated February 15, 2023

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Committee maintained its decision of September 29, 2021 and thereby maintained the lift of the stay of enforcement; costs were reserved.

    Supporting details

    5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes
  23. 15 February 2023Arbitration

    15 February 2023Arbitration

    Order on the Applicant's Third Request for Reconsideration of 21 September 2021 on the Issue of Venezuela's Legal Representation dated February 15, 2023

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Committee concluded that the request had not shown prejudice from Curtis's involvement and maintained its decision of April 3, 2020; costs were reserved.

    Supporting details

    1 authority · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • ICSID Administrative and Financial Regulations, Regulation 25
      statute

    7 months and 7 days later · 219 days

  24. 22 September 2023Arbitration

    22 September 2023Arbitration

    Procedural Order No. 3 dated September 22, 2023

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Committee set the organization, place, dates, sequence, and time allocation for the hearing on annulment.

    Supporting details

    5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    1 year and 4 months later · 488 days

  25. 22 January 2025Arbitration

    22 January 2025Arbitration

    Decision on Annulment dated January 22, 2025

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee unanimously dismissed Venezuela's applications to annul the Award, ordered Venezuela to bear its own costs and the costs of the annulment proceedings, and ordered payment of the respondents' legal fees and expenses.

    Supporting details

    3 authorities · 5 participants
    ConocoPhillips Petrozuata B.V.
    ConocoPhillips Hamaca B.V.
    ConocoPhillips Gulf of Paria B.V.
    ConocoPhillips Company
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes

    Authorities cited

    3
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute
    • Vienna Convention on the Law of Treaties
      statute
    • ICSID Administrative and Financial Regulations, Regulation 25
      statute

Matter record

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ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V. and ConocoPhillips Gulf of Paria B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/30) · Matter