Dana Gas Wins Favourable Ruling in Kurdistan Dispute

Dana Gas on Sunday said it has got a favourable ruling from London Court of International Arbitration (LCIA) in its dispute with Kurdistan authorities.

The international arbitration case was filed in October 2013, along with Crescent Petroleum and Pearl Petroleum Company Limited. This case was filed in order to secure a mandatory arbitral declaration confirming the consortium’s exclusive rights under its contract with the Kurdistan Regional Government of Iraq.

“On 2 July 2015, the LCIA tribunal handed down its Partial Final Award ruling confirming beyond any doubt the consortium’s contractual rights including a number of important issues addressed at the arbitration hearing which took place in London in the week of 20 April 2015,” Dana Gas said.

The tribunal confirmed the consortium’s exclusive long-term rights to develop and produce gas and petroleum from both the Khor Mor and Chemchemal fields for the duration of the contract. It also confirmed KRG’s contractual obligation to pay the consortium for the produced condensate and LPG at international prices, including the pricing methodology for each.