Two foreign oil, gas firms win arbitration against PEL
Wasim Iqbal
Business Recorder
December 23, 2024
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.
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