Law360, New York (January 26, 2016, 10:30 AM EST) -- On Nov. 2, 2015, the Annulment Committee in Occidental Petroleum Corporation (OPC) and Occidental Exploration and Production Company (OEPC) v. Republic of Ecuador, ICSID Case No. ARB/06/11, rendered its much-awaited decision. The committee partially annulled the 2012 decision of the original tribunal, which at the time was the largest investment treaty award in history, amounting to $1.76 billion plus interest. The committee reduced that amount by more than $700 million, bringing it down to about $1 billion. The annulment decision merits attention for its broad interpretation of the scope of an annulment committee's powers to review, scrutinize and annul decisions of International Centre for the Settlement of Investment Disputes tribunals on factual as well as legal grounds. The committee members were Juan Fernandez-Armesto, president; Judge Florentino P. Feliciano; and Rodrigo Oreamuno....