Falkland Islands-linked Rockhopper Exploration said that Italy was working to annul the August ruling by an arbitration panel under which Italy has to pay 200 million Euros, plus interest, to Rockhopper for breaching its obligations related to the company s Ombrina Mare field in the Adriatic Sea.
Based on the so-called Energy Charter Treaty, ECT, which pretends to follow climate objectives, European energy companies have been suing their governments to protect their hydrocarbon investments in recent years. France and the Netherlands announced their intention to exit ECT last week saying it was not in line with the green plan. Italy pulled out in 2016, with Spain and Poland following in recent months. And more countries could follow, analysts say.
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