Exploration & Production

Billion-dollar payment boosts Kurdish gas sector

The Kurdistan Region of Iraq has solved two major disputes, freeing up capital to inject upstream The Kurdistan Region of Iraq has solved two major disputes, freeing up capital to inject upstream.
By James Gavin 7 September 2017 0 27484
Drilling in the Miran field, Iraqi Kurdistan. A rig in the Miran field. (Genel Energy)

The Kurdistan Regional Government (KRG) expects momentum to return to the Kurdish gas sector following a landmark deal settling a long-running arbitration case with United Arab Emirates-based Dana Gas and an agreement on unpaid receivables with Turkey’s Genel Energy, developer of the Miran and Bina Bawi gas fields.

Under a deal announced on 30 August, the KRG paid $1 billion to its partners in the Pearl Petroleum consortium (which includes Dana Gas as well as Crescent Petroleum, OMV, RWE and MOL). 

Of this, $400 million will be...