Mayer Brown scores victory for PRIO in ICC arbitration

A Mayer Brown International Arbitration team secured a complete victory for Brazilian independent oil producer PRIO in an ICC arbitration. In April 2024, the arbitral tribunal dismissed all claims brought by PRIO’s Indian-owned partner IBV Brasil Petróleo, entitling PRIO to all the oil from a deepwater oilfield. The tribunal also awarded PRIO 100% of its arbitration costs, including legal fees. PRIO has since reported a record high on the São Paulo stock exchange, giving the company a market capitalization of approximately US$ 9.1 billion.

The cross-office Mayer Brown team was led by partner Michael P. Lennon, Jr. (Houston) and included partner Gustavo Fernandes (Rio) and associates Jennifer Huang (New York) and Guilherme Silveira (Rio).

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