Dana Gas and Crescent Petroleum in Kurdistan

KRG ordered to pay Dana group $100 mln

ERBIL, November 23, 2015 – Dana Gas, a major investor in the Kurdistan Region of Iraq’s oil and gas market, announced on Sunday that a UK court has ordered the regional government to pay it $100 million.

The British High Court gave the Kurdistan Regional Government (KRG) 14 days to make the payment to the UAE-based energy company.

A consortium led by Dana Gas filed an arbitration case in the UK in late 2013, aiming to secure missing payments from the KRG for dues it was owed for operations in the region.

The KRG’s Ministry of Natural Resources has disputed the court order, saying it will seek a $3-billion counter-claim against Dana Gas for failing to honour its obligations.

The consortium, which also includes Hungary’s MOL, Austria’s OMV and UAE company Crescent Petroleum, is among several energy entities that have faced delayed or missing payments from the KRG following the Iraqi central government’s 2014 decision to cut oil and gas payments to the regional government.

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