Two foreign firms win arbitration against PEL, retain 27.5% stake in Badin Blocks
Pakistan Today
December 24, 2024
Frontier Holdings Limited (FHL) and Spud Energy Pty Limited (SEPL), two foreign oil and gas companies, have won an arbitration case against Petroleum Exploration (Private) Limited (PEL) in the International Chamber of Commerce (ICC).
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The ICC Arbitral Tribunal ruled in favor of FHL and SEPL, rejecting PEL’s claims and awarding full relief to the claimants. The tribunal dismissed PEL’s counterclaims of $483 million, declaring them unsubstantiated.
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