Murphy Exploration and Production Company v Ecuador - PCA Case No. AA434 (2012-16) - UNCITRAL - Final Award - 10 February 2017
Country
Year
2017
Summary
Case report (free download)
Case Report by Annelise Sander Editor, Arran Dowling-Hussey
Summary
This is a decision on damages rendered by an investment arbitration tribunal concerning a dispute between Murphy Exploration and the State of Ecuador. The dispute arose from the enactment of Law 42, which continually imposed a windfall levy on foreign oil revenues from 50% to 99%.
The Tribunal issued an award on Jurisdiction in November 2013, and a Partial Final Award in May 2016. This summary refers only to the Final Award issued in February 2017, which discusses damages and incidental damages issues.
Main issues
Damages; offsets and credits; post-award interest on costs; inclusion of an extension contract (license - including future performance) on the calculation of Fair Market Value ("FMV"); sale price of the investor company and mitigation damages;
Case report provided by International Arbitration Case Law (IACL)
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