Oil company Chevron will pay the National Agency for Mineral Resources (ANRM) $ 73,450,000 following the termination of three concession oil concessions without complying with the financial obligations of the Oil Law.
Following the decision of the International Court of Arbitration of the International Chamber of Commerce in Paris (ICC Paris), the most important international commercial arbitration institution, Chevron is obliged to pay ANRM the amount of USD 73,450,000, plus the legal interest rate set at the NBR + 8%, calculated from 23 October 2014 until the date of full payment, as well and the arbitration costs incurred by ANRM.
In the dispute settlement process with Chevron, ANRM was represented by the Law Office Zamfirescu Racoţi & Partners, specialized in business consulting and representation in dispute resolution.
The lawyers' team was coordinated by Dr. Cosmin Vasile, associate lawyer, and was composed of Alina Tugearu - associate lawyer, Monica Strîmbei - coordinating lawyer and Cosmin Cojocaru - associate lawyer coordinator.
ANRM and Chevron Romania Holdings concluded on March 3, 2011, three concession agreements for exploitation-development-exploration in the EX 17 - Costinesti, EX - 18 Vama Veche and EX - 19 Adamclisi perimeters, approved by Government Decisions, stipulating obligations Exploration minima assumed by Chevron.
In November 2014, Chevron informed ANRM that it was giving up its concession agreements. ANRM refused to issue, however, the decision to terminate the concession, for failure by the oil company to comply with Art. 40 of the Oil Law. More specifically, Chevron did not make available to the competent authority "the sum representing the value of the works provided for in the minimum exploration program established under the Oil and Development and Operating Agreement, due on the date of notification of the waiver and not executed for reasons attributable to the holder of the Oil Agreement".
The US company appealed to the Court of Arbitration in June 2015, claiming that it had fulfilled its obligations under the oil agreements with ANRM to terminate the contracts.
By the end of 2015, ANRM, submitted to the Court of Arbitration in Paris both the answer to the Request for Arbitration and a counter-claim by which formula financial claims resulting from concession contracts.
Between 19-23 June 2017, the final hearings in the Chevron vs. Arbitration file were held in Paris. ANRM (21138 / MHM), and the decision of the Arbitration Court was pronounced in favor of ANRM.