The U.S. Supreme Court on Monday let stand a $96 million international arbitration award issued in 2011 in favor of energy company Chevron Corp in a dispute over the development of oil fields in Ecuador.

The justices declined to hear the South American country's challenge to an August 2015 ruling by the U.S. Court of Appeals for the District of Columbia Circuit upholding the award in Chevron’s favor issued by The Hague's Permanent Court of Arbitration in the Netherlands.

With interest, the arbitration award stands at approximately $106 million, Chevron said. Chevron spokesman Morgan Crinklaw said in a statement the company was pleased that the Supreme Court rejected the appeal and that Ecuador "will be held accountable."…

Chevron initiated an arbitration proceeding at The Hague in 2006, claiming Ecuador's courts failed to resolve the lawsuits in a timely manner, violating a treaty between Ecuador and the United States. A panel awarded Chevron $96 million plus interest, which was subsequently upheld by the Dutch court system.

Chevron then filed a federal lawsuit in Washington, seeking a judgment confirming the panel's decision in order to collect the award…