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ConocoPhillips to receive $337 million in accord with Ecuador

Reuters 04/12/2017

Foto: Reuters

Foto: Reuters

HOUSTON (Reuters) - ConocoPhillips will receive $337 million from Ecuador under a settlement of an arbitration case that the U.S. energy company brought over a 2009 confiscation of assets in the South American country.

A World Bank panel in February had ordered Ecuador to pay $380 million in damages to the oil and gas producer’s subsidiary, Burlington Resources. The subsidiary had stakes in two blocks producing about 22,000 barrels of oil per day that were taken over by the government more than eight years ago.

The settlement includes an offset for a decision awarding Ecuador $42 million on its environmental and infrastructure counterclaims. Burlington is entitled to $24 million through a third-party contribution to the payment, ConocoPhillips said on Monday.

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