ICSID Tribunal awards British oil firm Rockhopper USD 290 million against Italy as compensation for offshore oil drilling ban

On 23 August 2022, the ICSID Arbitral Tribunal in Rockhopper Italia S.p.A., Rockhopper Mediterranean Ltd, and Rockhopper Exploration Plc v. Italian Republic (ICSID Case No. ARB/17/14) ordered Italy to pay Rockhopper EUR 190 million in compensation plus interest – an amount six times more than the £33m Rockhopper is estimated to have invested in the project.