Dana Gas group files arbitration on Kurdistan government

Three operators that hold oil and gas rights in Iraq’s Kurdistan region have filed an arbitration action in a London court seeking to clarify contractual rights under their agreement with the Kurdistan Regional Government.

Dana Gas of Sharjah, Crescent Petroleum, and the Pearl Petroleum consortium seek clarification of the April 2007 agreement, which is governed by English law.

The companies said the objective of the arbitration is to obtain clarification of the consortium’s long-term contractual rights for the development and marketing in respect of Khor Mor and Chemchemal fields including the outstanding receivables owed by the Ministry of Natural Resources in the Kurdistan region.

The companies said the filing “follows concerted and sincere efforts to resolve differences of opinion with the MNR including a formal mediation procedure under the LCIA Rules, with which the MNR unfortunately declined to engage.”

“The board of directors of Dana Gas made their decision in order to protect the interests of the company’s shareholders and investors, and very much hopes that all outstanding matters with the MNR will be resolved, amicably and in good faith, in the shortest possible time, in order to enable full and proper development of the fields, as envisaged in the agreement, for the benefit of the people of the Kurdistan Region and all of Iraq,” Dana Gas said.

Dana Gas and its consortium partners said they are the largest oil and gas sector investors and producers in the Kurdistan region, to date having invested more than $1 billion and produced 100 million bbl of oil equivalent without interruption in the 5 years since October 2008.

The uninterrupted production has enabled “affordable electricity provision and an economic and social transformation of the Kurdistan region under the progressive policies of the KRG,” Dana Gas said.

The three companies “reaffirm their intention to continue fulfilling their obligations under the terms of the agreement with the support and cooperation of the KRG and reiterate their continued, long-term commitment to the KRG and to the people of the Kurdistan Region and all of Iraq.”

Related Articles

Tethys reports second successful gas well in Kazakhstan

03/20/2014 Tethys Petroleum Ltd. reported the success of the second shallow gas exploration well of its 2014 program on the Akkulka block in the Caspian regio...

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/19/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

CNOOC makes gas discovery in Qiongdongnan basin

03/19/2014

CNOOC Ltd. has made a natural gas discovery in the east Lingshui Sag of the deepwater area in the South China Sea’s Qiongdongnan basin.

Cairn, FAR to drill exploration wells offshore Senegal

03/19/2014

FAR Ltd., Perth, will participate in the drilling of two deepwater exploration wells offshore Senegal next month.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected