PetroChina Agrees To Arbitration In $1B Africa Oil Spat

Law360, Washington (April 20, 2017, 8:30 PM EDT) -- PetroChina Co. Ltd. and several related entities on Wednesday formally committed to arbitration in a $1 billion African oil contract dispute between the company it bought into and Carlton Energy Group LLC.

In a stipulation filed in Texas federal court PetroChina agreed to participate in and be bound by arbitration in its dispute with Carlton, which is pursuing a 10 percent profit share in a massive oil field in the Republic of Chad from Cliveden Petroleum Co. Ltd.

PetroChina and parent China National Petroleum Corp. had...
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