Against a backdrop of depressed oil and gas prices, some energy companies are responding by forming joint ventures to spread capital costs, overcome technological limitations and mitigate risks. However, unexpected complications can often accompany joint ventures and sometimes lead to legal warfare.
The case PDV Sweeny v. ConocoPhillips, which was filed in the U.S. District Court for the Southern District of New York, is a prime example of a seemingly promising joint venture gone wrong. The litigation springs from a commercial dispute between former joint partners in an oil refining operation. The case concerns two arbitration awards—the “partial award” and the “final award”—that were issued in the wake of the disagreement.
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