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ISLAMABAD: Two foreign oil and gas companies Frontier Holdings Limited (“FHL”) and Spud Energy Pty Limited (“SEPL”) have won International Chamber of Commerce (“ICC”) arbitration against Petroleum Exploration (Private) Limited (“PEL”).

FHL and SEPL initiated ICC arbitration proceedings against PEL for its unlawful attempt to forfeit FHL’s 27.5% working interests in Badin IV South and Badin IV North Blocks (together the “Badin Blocks”) respectively.

The ICC Arbitral Tribunal has not only provided all relief to FHL and SEPL but has also dismissed PEL’s gigantic counterclaims of US$ 483 million, declaring that the respondent (PEL) has not been able to substantiate any of its claims.

PEL inquiry reports: Senate panel puts off briefing on PD proposals

The ICC Arbitral Turbinal ruled that PEL breached the Settlement Agreement and its attempt to forfeit FHL’s working interests in the Badin Blocks is declared invalid, thereby, FHL retains its 27.5% working interest in the Badin Blocks. Moreover, FHL and SEPL are awarded damages against PEL of approximately US$7 million which includes interest at the rate of 2% per month on a compound basis.

The interest will continue to accumulate on the damages awarded until the receipt of damages and interest by FHL and SEPL. FHL and SEPL are working for the enforcement of the arbitral award against PEL through courts in Pakistan.

Copyright Business Recorder, 2024

Comments

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T Dec 23, 2024 09:31am
everyone winning arbitrations against Pakistan, incompetence and deceit are inbred in pakistanis.
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Omer Dec 23, 2024 12:14pm
@T, Winning arbitration against Pakistan and against Private Entities operating in Pakistan are Two different things. Nothing harmful to the country for the second scenario. This is not Rikodiq.
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JSK Dec 23, 2024 01:38pm
Next IPPs....?
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Iqbal Nazar Dec 23, 2024 02:50pm
Very helpful to me. I have a pending Supreme Court case where the rate of interest @ 2% pm with monthly rests is contested by losing foregn party.
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Rehan Khan Dec 23, 2024 02:54pm
@T, Don't use foul language against the whole Pakistani nation. There are many honourable and honest people in this country
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