In 2007 and 2008, DIGOIL, a South African oil exploration company, entered into two contracts with the Democratic Republic of Congo (the “DRC”), promising to carry out discovery and exploitation of hydrocarbon deposits in specific regions in exchange for a share of the resulting revenue. The contracts stipulated that, consistent with DRC law, the respective contract would enter into force on the date it was approved by Order of the DRC President. However, neither of the contracts received Presidential approval (or explicit disapproval), and in 2010, the DRC awarded a production sharing agreement covering the geographical region contemplated by the 2008 contract to a different company…
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