BP Exploration Co. (Libya) Ltd. v. Government of the Libyan Arab Public
BP-Libya Concession Arbitration Tribunal
53 I.L.R. 297 (1979) (Arbitral Award of October 10, 1973 and August 1, 1974)
- Written by Kyli Cotten, JD
Facts
In 1957, Libya (defendant) granted a concession to Mr. Hunt, an American, granting a 50-year exclusive right to search, extract, and sell petroleum from Libyan land. In 1960, Mr. Hunt sold half of his interest in the concession to BP Exploration Co. (BP) (plaintiff). The concession included a clause stating that rights can only be altered by mutual consent of the parties and that all disputes would be submitted to arbitration. In 1971, Libya nationalized the searching, extraction, and sale of petroleum, thereby repudiating the concession. BP initiated arbitration proceedings, claiming that the nationalization was a unilateral and unacceptable repudiation of the concession.
Rule of Law
Issue
Holding and Reasoning (Lagergren, J.)
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