A tribunal at the International Centre for Settlement of Investment Disputes awarded more than $8.3 billion to the claimants.
Counsel for the claimants, ConocoPhillips, retained José Alberro as a quantum expert to estimate damages in this long-running case before the International Centre for Settlement of Investment Disputes (ICSID).
In 2013, arbitrators had ruled that when Venezuela nationalized ConocoPhillips’s stakes in three oil projects, it had not negotiated the fair market value in good faith. Therefore, Venezuela was liable for breach of the Netherlands-Venezuela bilateral investment treaty (BIT).
In 2019, the tribunal awarded ConocoPhillips more than $8.3 billion.