ConocoPhillips, Ecuador to settle World Bank arbitration award

By Reuters

Photo: Shutterstock

Dec 4 (Reuters) - ConocoPhillips and Ecuador agreed to terms of a settlement under an arbitration award in a case where the energy company had been seeking compensation related to confiscation of assets.

A World Bank panel in February ordered the South American country to pay $380 million in damages to the oil and gas producer's subsidiary Burlington Resources.

ConocoPhillips said it received $75 million on Dec. 1 and would receive $262 million by April 2018.

The settlement includes an offset for the decision awarding Ecuador$42 million on its counterclaims, of which Burlington is entitled an additional $24 million, ConocoPhillips said.