Oil giants win $17M from Ottawa under NAFTA

ExxonMobil and Murphy Oil awarded $17.3 million in damages from Canada in investor-rights dispute over research and training funding in Newfoundland and Labrador.

OTTAWA—Two U.S. oil giants have won $17.3 million in damages from Canada in a NAFTA investor-rights dispute over how much money the companies are required to invest in research and training in Newfoundland and Labrador.

ExxonMobil, the world’s largest publicly traded oil company, and U.S.-based Murphy Oil complained to an international trade tribunal when a joint federal-Newfoundland and Labrador regulatory board said the corporations should spend millions of dollars more in the province in exchange for their rights in the Hibernia and Terra Nova offshore oil projects.

The trade tribunal’s ruling awarding ExxonMobil $13.9 million and Murphy Oil $3.4 million has yet to be published but it was confirmed by Natural Resources Canada.

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