Bloomberg: Dana Gas Still Waiting for $1.98 Billion in Iraq Kurds Dispute

Dana Gas PJSC is still waiting for payment of the $1.98 billion that it and two other energy companies were awarded in a dispute over development rights at two oil and gas fields within Iraq’s self-governing Kurdish region.

The London Court of International Arbitration made the award on Nov. 29, saying the KRG had 28 days to pay Dana, Crescent Petroleum and Pearl Petroleum Co. The case sent Dana Gas shares soaring 15 percent, and centered upon the group’s claim to develop and produce natural gas and oil in part of northern Iraq, an arrangement the KRG had disputed. The KRG said at the time the ruling was a partial award that does not finally determine all issues in the arbitration.

“We don’t expect them to pay all in one go,” Chief Executive Officer Patrick Allman-Ward said on the sidelines of a conference in Abu Dhabi. Dana Gas, based in Sharjah, United Arab Emirates, is open to getting paid over time, he said. MORE