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Iraq’s Kurdistan Regional Government (KRG) is suffering from an acute cash shortage. However, while this has led to payments disputes with several of the international oil firms active in the region (see p10), it is only partly to blame for a much more serious dispute between the KRG Ministry of Natural Resources and the UAE’s Dana Gas and Crescent Petroleum, a row that has intensified in the past week.
Privately-owned Dana Gas and Crescent, which together with MOL and Austrian OMV make up the Pearl Consortium developing the Khor Mor gas field in the Kurdistan region, said on 5 July that the London Court of International Arbitration (LCIA) had handed down a partial final award in its favor on 2 July. (CONTINUED - 792 WORDS)