Rockhopper gets favorable ruling in Ombrina Mare arbitration

Rockhopper has been given a boost after an international tribunal rejected Italy’s request for the suspension of the arbitration initiated by the oil company against Italy related to its Ombrina Mare field in the Adriatic Sea.

Rockhopper’s assets in Italy; Source: Rockhopper

The company started international arbitration proceedings against Italy in relation to the offshore Ombrina Mare project back in 2017, following the decision in February 2016 by the Ministry of Economic Development not to award the company a production concession covering the Ombrina Mare field.

The Ombrina Mare is an appraisal/development project located off the Abruzzo, a region in Italy, in the shallow waters of the Central Adriatic.

The decision not to award the concession to Rockhopper followed the re-introduction of the ban on exploration and production activity within 12 nautical miles of the coast of Italy in January 2016. Ombrina Mare is located within the 12-mile limit.


Related: Rockhopper looking to get Ombrina Mare money back from Italy


Rockhopper Exploration on Thursday said that the tribunal had rejected Italy’s request for the suspension of the arbitration and Italy’s related intra-EU jurisdictional objections.

The oil company then said it was expected that further post-hearing briefings would be submitted.

“Rockhopper continues to believe it has strong prospects of recovering very significant monetary damages – on the basis of lost profits – as a result of the Republic of Italy’s breaches of the Energy Charter Treaty,”the company added.

All costs associated with the arbitration are funded on a non-recourse (no win – no fee) basis from a specialist arbitration funder.

Sam Moody, CEO of Rockhopper, said: “This decision represents an important step in the wider arbitration process. While much is still to be done, we remain positive on the prospects of the claim and look forward to an outcome in early 2020.”

 


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Offshore Energy Today, established in 2010, is read by more than 10.000 industry professionals daily.

We had almost 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas.

These stats allow our partners advertising on Offshore Energy Today to get maximum exposure to their online campaigns. If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply