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International Chamber of Commmerce Court of Arbitration: Final Award of the Arbitral Tribunal in Arbitration Between National Oil Corporation and Libyan Sun Oil Company (Withdrawal from Exploration and Production Sharing Agreement)

Published online by Cambridge University Press:  27 February 2017

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Extract

In Its briefs dated September 15 And November E, 19E5, N.O.C. did not Invoke as being a withdrawal, any action from SDN-OIL In ceasing performance before the Request for Arbitration was filed, other than the “force mejeure” excuse. Its argumentation was different. N.O.C. considered that, assuming that SUN-OIL had not withdrawn from the EPS* In 1962, there would be withdrawal If SUM-OIL does not resume, or does not show that it intends to resume, the Exploration Operations in spite of the Arbitral Tribunal's award regarding the Invalidity of the force majeure excuses. In such case, SUN-OIL would have to pay N.O.C. the costs of the uncompleted portion of the Exploration Program, as provided under Art. 3.4. of the EPSA.

Type
Judicial and Similar Proceedings
Information
International Legal Materials , Volume 29 , Issue 3 , May 1990 , pp. 601 - 623
Copyright
Copyright © American Society of International Law 1990

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References

* [ Reproduced from the text provided to International Legal Materials. The First Award of the Arbitral Tribunal, rendered May 31, 1985, dealt with the question of force majeure. It appears at 29 I.L.M. 565 (1990). The Opinion and Order of the United States District Court for the District of Delaware, issued March 15, 1990, enforcing the Final Award but staying execution of the Judgment pending compliance with U.S. Libyan Sanctions Regulations, appear at 29 I.L.M. 718 and 743 (1990).]