Colombia's Ecopetrol wins arbitration against Pacific Rubiales
BY DARCY CROWE
BOGOTA -- A Colombian arbitration court ruled in favor of Ecopetrol in a legal battle with Pacific Rubiales over windfall payments from one of the country's top-producing oil fields.
The arbitration tribunal ruled that Pacific Rubiales must pay 100% of windfall income from the Quifa oil field to Ecopetrol after production in the Quifa field reached the 5 MMbbl of oil benchmark. Pacific Rubiales had offered to pay 60%.
The court essentially upheld the legality of a clause in a contract between Pacific Rubiales, which operates the field, and Ecopetrol, which has control of the field.
Dow Jones Newswires