UAE’s Dana Gas says wins $1.98 bln in Kurdistan judgement

The Court of International Arbitration has directed the Kurdistan Regional Government (KRG) of Iraq to pay $1.98 billion to a consortium that includes Dana Gas for condensate and liquefied petroleum gas it produced, the United Arab Emirates-based energy company said.

According to the tribunal, the payment is required to be made within 28 days and the award is deemed final, binding and internationally enforceable, Dana said in a statement to the Abu Dhabi stock exchange on Sunday.

Dana Gas said the judgement came in the international arbitration case it filed in October 2013, along with UAE’s Crescent Petroleum and Pearl Petroleum Co. in relation to their long-term contract with KRG to develop the Khor Mor and Chemchamal gas fields in Iraqi Kurdistan.

This award follows an earlier partial award which confirmed the consortium’s exclusive long-term rights to develop and produce gas and petroleum from both the fields for not less than 25 years, the statement said.

Dana Gas said its claims for further substantial damage for wrongfully delayed development of the fields will be heard in 2016, along with the remaining counter-claims of the KRG.

Dana and its consortium partners have invested over $1.2 billion so far and produced over 150 million barrels equivalent of gas and petroleum liquids, it said.