points of claim

Ascent v Slovenia - points of claim

Litigation

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press release

Ascent v Slovenia - press release

Filing Year For Action

Ascent, a UK energy company, initiated an arbitration proceedings against Slovenia, in the aftermath of the Slovenian Environmental Agency request to Ascent to undertake an environmental impact assessment (“EIA”) before proceeding with the development of the Petišovci oil and gas field. According to Ascent, the EIA was not required and never had been previously under Slovenian law. It is alleged that this requirement affected Ascent’s investment since the amount of gas produced by the field was very significantly reduced, resulting in a significant loss of the Investors’ revenues. 

Following on the Notices of Dispute filed by Ascent on July 23, 2020 and May 5, 2022, on August 15, 2022, Ascent announced the formal submission of the request for arbitration against Slovenia, which included a preliminary damages assessment in excess of EUR 500 million. Ascent argued that “Slovenia’s campaign against the Investor culminated in a complete ban on low-volume hydraulic stimulation, which came in effect on May 5, 2022’.  

Claimants alleged that Slovenia’s measures have de facto deprived Ascent of its right to produce gas in Slovenia and hence its rights have been unlawfully expropriated by Slovenia, in breach of the host State’s obligation under international law and both the ECT and the BIT.

Ascent v Slovenia

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives

This sector involves the wholesale and retail selling of goods.

Zoning and spatial planning are both methods for guiding the distribution of people and activities in a space, and are regulatory restriction.

Oil is a combustible liquid fossil fuel composed mainly of hydrocarbons, occurring as crude oil and refined into petroleum products such as petrol, diesel and kerosene.

Either money or something of monetary value is transferred between two or more organisations, people or countries.

Activities that involve planning, designing and building infrastructure, residential, and commercial structures.

Activities of businesses and institutions that provide financial services and products to individuals and organisations.

Fossil gas, commonly known as natural gas, is a fossil fuel consisting chiefly of methane with smaller amounts of other hydrocarbons and trace gases, found in underground deposits.

Ascent v Slovenia - points of claim

Policy instrument

Fossil fuel

Economic sector

Finance