Journal Article

Enforcing Pacta Sunt Servanda? Conoco-Phillips and Exxon-Mobil Versus the Bolivarian Republic of Venezuela

Juan Carlos Boué

in Journal of International Dispute Settlement

Volume 5, issue 3, pages 438-474
Published in print November 2014 | ISSN: 2040-3585
Published online May 2014 | e-ISSN: 2040-3593 | DOI: https://dx.doi.org/10.1093/jnlids/idu007
Enforcing Pacta Sunt Servanda? Conoco-Phillips and Exxon-Mobil Versus the Bolivarian Republic of Venezuela

More Like This

Show all results sharing these subjects:

  • Arbitration
  • Private International Law and Conflict of Laws
  • Public International Law
  • Settlement of Disputes

GO

Show Summary Details

Preview

In 2007, the government of Venezuela decided to re-structure certain oil projects, known as Associations, so as to bring them in line with the 2001 Hydrocarbons Law. In response, ExxonMobil and ConocoPhillips decided to exit Venezuela. Supposedly motivated by a commitment to uphold the principle of sanctity of contract, the companies subsequently initiated a series of arbitrations involving some of the largest claims ever put before international tribunals. However, the bargains that the companies insist they are defending are not reflected in the agreements that they had actually signed. Thus, these arbitrations amount to an attempt on the part of these companies to use international arbitral tribunals to re-draft on their behalf the contracts they had negotiated, so as to secure a windfall (which they had never bargained for) upon their exit from Venezuela.

Journal Article.  19956 words. 

Subjects: Arbitration ; Private International Law and Conflict of Laws ; Public International Law ; Settlement of Disputes

Full text: subscription required

How to subscribe Recommend to my Librarian

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content. subscribe or login to access all content.