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PropertyFriday 10 December 2021

Dismissal of multi-billion dollar claim in energy dispute

An award was issued this week in relation to claims in an LCIA arbitration seeking damages in a joint venture dispute concerning oil and gas fields in the Middle East. The Claimants sought damages initially of $3.5bn, subsequently reduced to $1.2bn, for alleged breaches of a joint venture agreement relating to the development and exploitation of oil and gas fields. The tribunal dismissed all the Claimants’ claims with costs. Alan Gourgey QC and Tara Taylor acted for one of the two successful respondents, instructed by White & Case (led by Ed Attenborough, co-counsel, and Robert Wheal).

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