Arbitration under the ICC Arbitration Rules is a formal procedure leading to a binding decision from a neutral arbitral tribunal, susceptible to enforcement pursuant to both domestic arbitration laws and international treaties such as the 1958 New York Convention. Mediation under the ICC Mediation Rules is a flexible procedure aimed at achieving a negotiated settlement with the help of a neutral facilitator.
IMO, the issue is whether the PE rights were triggered by the sale of ConocoPhillips Senegal B.V. from COP to WPL. There was a change in control and under Australian law, PE rights would be considered to be triggered upon a proper construction of the relevant clauses under the JOA and other agreements. There is a strong precedence cited in many cases about PE rights and I think that the ICC will be strongly influenced by these cases.
