Georgian Gov't Faces $22M Claim Over Oil, Gas Contract End
Law360 (June 13, 2019, 4:30 PM EDT) -- Range Resources Ltd. has informed the Georgian government that it’s launching arbitration proceedings seeking almost $22 million for the alleged wrongful termination of a production-sharing agreement for an oil and gas block in the country.
The exploration and production company on Wednesday announced the submission of a notice of arbitration to Georgia stemming from the country’s decision to open up an onshore oil and gas block to other companies. The arbitration seeks roughly $21.9 million in damages plus about $1.7 million in interest for Georgia’s “flagrant breach” of the production-sharing contract, the company noted.
“Range has tried to reach an amicable resolution...
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