The U.S. Court of Appeals for the Fifth Circuit reversed a Houston trial judge and allowed Houston-based International Energy Ventures Management to continue to pursue a $46.5 million breach-of-contract dispute against Hong Kong-based United Energy Group.
In the litigation, International Energy Ventures alleges that it agreed to help United Energy evaluate and buy in 2011 British Petroleum’s Pakistani oil and gas assets. In exchange, International Energy Ventures alleges that it expected to receive its share of 6 percent of the $775 million acquisition price of BP’s Pakistani assets. According to International Energy Ventures’ allegations, lawyers from the Houston office of the now-defunct Dewey & LeBoeuf represented United Energy in the transaction and helped negotiate a contract between the Houstonians and United Energy.
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