Hogan Lovells secures historic win for Georgia before international arbitration tribunal
Press releases
| 24
April
2020
Munich, 24 April 2020 – A cross-border International Arbitration team at Hogan Lovells has secured a historic win for its clients JSC Georgian Oil and Gas Corporation, and LEPL State Agency of Oil and Gas of Georgia, in a high-profile, USD 3.5 billion ad-hoc arbitration. This involved disputes under a production-sharing agreement against two affiliates of the U.S. oil & gas exploration and production company Frontera Resources Corporation.
In a unanimous award, the arbitrators ordered Frontera to immediately relinquish the oil & gas fields in dispute -an area of more than 5,000 square kilometers in Eastern Georgia that Frontera had exploited for more than 20 years, declared that Frontera had materially breached the contract, and ordered Frontera to pay certain damages, interest and attorney's fees. The tribunal also accepted the withdrawal of and dismissed Frontera's counterclaims.
The Hogan Lovells team included David Dunn (partner, New York), Karl Pörnbacher (partner, Munich), Thomas N. Pieper (counsel, Munich) and Nata Ghibradze (senior associate, Munich).
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