By John Lee.
UAE-based Dana Gas has said it had won a judgment against the Kurdistan Regional Government (KRG) at the London Court of International Arbitration (LCIA).
The consortium of Dana Gas,*Crescent Petroleum and Pearl Petroleum has been seeking to confirm its contract rights and obtain payment from the KRG for gas production.
The company said the court has now ordered the KRG to pay $121 million for condensate and LPG.
A statement from the KRG’s Ministry of Natural Resources (MNR) said the tribunal rejected Dana’s claim for over $1.7 billion in respect of so-called excess gas, and its claim that the consortium had lost some $3.3 billion in respect of earn out payments.
Dana Gas statement
KRG statement (1)
KRG statement (2)
(Sources: Dana Gas, KRG, Reuters)
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