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ConocoPhillips agrees US$337mln settlement with Ecuador

“We are pleased that the government of Ecuador abides by the rule of law and worked constructively with us to come to a mutually acceptable resolution,” said Janet Langford Carrig, ConocoPhillips senior vice president.
dollars
Initially Conocco will receive US$75mln

ConocoPhillips (NYSE:COP) has agreed a US$337mln settlement deal for its international arbitration with the Ecuador.

The oil firm initially receives US$75mln from Ecuador with a further US$262mln to be paid by April.

“We are pleased that the government of Ecuador abides by the rule of law and worked constructively with us to come to a mutually acceptable resolution,” said Janet Langford Carrig, ConocoPhillips senior vice president.

It comes after an International Centre for Settlement of Investment Disputes (ICSID) ruling, back in 2012, stating that Ecuador unlawfully expropriated the company's significant oil investments in Blocks 7 and 21.

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