In what is by far the largest award ever granted under an investment treaty between nations, Occidental Petroleum Corporation has won roughly $2.3 billion in damages and interest in a dispute with Ecuador. In a 336-page ruling released October 5, an arbitration panel found that Ecuador improperly expropriated Occidental’s oil drilling rights in 2006.
David Rivkin of Debevoise & Plimpton and Gaëtan Verhoosel of Covington & Burling have been representing Occidental before the tribunal from the International Centre for Settlement of Investment Disputes. Ecuador tapped George von Mehren of Squire Sanders and Eduardo Silva Romero of Dechert.
