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A coalition of companies gets the international rule of entitlement in the development of oil fields in Iraq
07/06/2015
Arbitral tribunal London International Court of Arbitration issued a final partial verdict which emphasizes the contractual rights to a coalition of companies, including a number of important issues that have been considered during the arbitration hearing, which was held in London during the week of April 20 / April 2015.
Confirmed the arbitration ruling coalition exclusive, long-term companies Rights Commission in the development and production of oil and gas from the fields Kurmur and Chamchamal throughout the contract period of not less than 25 years old and already the dispute on them by the Kurdistan Regional Government since 2009, which prevented the development of these fields properly In a timely manner.
The text of the confirmation of the contractual obligation of the Kurdistan Regional Government to pay the consortium for what was produced of condensate and liquefied petroleum gas in accordance with international prices, including the methodology for determining your price each.
The ruling on the right of Dana Gas and Crescent Petroleum in the transfer of part of the Hssma to my company MOL Hungarian and OMV Austrian, as the court ruling confirmed that it is not for the Kurdistan Regional Government any right to obtain a share of the revenues from this process.
As the jury determine session at 21 September / September 2015, to hear the claim a coalition of companies against the Kurdistan Regional Government on the amounts that have not been repaid, and due for production of condensate and liquefied petroleum gas, estimated at a total value currently at $ 1.943 billion as of the end of May / May 2015, according to the methodology for determining the price approved by the referee.
The fun will be over the next, and that determine the time during the first quarter of 2016, to hear the rest of the claims of the parties in the arbitration process, including the consortium claims for disabled field development during the past period.
It is worth mentioning that the KRG is still in the case of a breach of the decision of the interim arbitral tribunal, issued in October / October 2014 to pay $ 100 million to a coalition of companies down progress, forcing a coalition of companies to request the implementation of this decision by the English Court, and it was a hearing to determine in this regard on 28 and October 29 / October 2015 before the Supreme Court in England.
She stressed Dana Gas and its partners in the coalition to continue their commitment to the contract and the Kurdistan region and Iraq entire, also hold out much hope that the Kurdistan Regional Government to respect the clear contractual obligations, and approved by the arbitral tribunal Court London Court of International Arbitration, and it will play its role in enabling full and appropriate for field development Kurmur and Chamchamal and according to what is stated in the contract, which can meet all the needs of the region of the fuel needed to generate electricity in the Kurdistan region of Iraq, as well as additional quantities of gas for export, and will lead to further savings for the Kurdistan Regional Government billions of dollars a year in addition to the Revenue for the benefit and the benefit to the people of Kurdistan and Iraq as a whole region, and during this period, Dana Gas continues and its partners maintain a production rate of more than 84,000 barrels of oil equivalent per day, including 335 million may cubic of gas per day, take advantage of the power generation cost affordable in the Kurdistan region of Iraq.
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07/06/2015
Arbitral tribunal London International Court of Arbitration issued a final partial verdict which emphasizes the contractual rights to a coalition of companies, including a number of important issues that have been considered during the arbitration hearing, which was held in London during the week of April 20 / April 2015.
Confirmed the arbitration ruling coalition exclusive, long-term companies Rights Commission in the development and production of oil and gas from the fields Kurmur and Chamchamal throughout the contract period of not less than 25 years old and already the dispute on them by the Kurdistan Regional Government since 2009, which prevented the development of these fields properly In a timely manner.
The text of the confirmation of the contractual obligation of the Kurdistan Regional Government to pay the consortium for what was produced of condensate and liquefied petroleum gas in accordance with international prices, including the methodology for determining your price each.
The ruling on the right of Dana Gas and Crescent Petroleum in the transfer of part of the Hssma to my company MOL Hungarian and OMV Austrian, as the court ruling confirmed that it is not for the Kurdistan Regional Government any right to obtain a share of the revenues from this process.
As the jury determine session at 21 September / September 2015, to hear the claim a coalition of companies against the Kurdistan Regional Government on the amounts that have not been repaid, and due for production of condensate and liquefied petroleum gas, estimated at a total value currently at $ 1.943 billion as of the end of May / May 2015, according to the methodology for determining the price approved by the referee.
The fun will be over the next, and that determine the time during the first quarter of 2016, to hear the rest of the claims of the parties in the arbitration process, including the consortium claims for disabled field development during the past period.
It is worth mentioning that the KRG is still in the case of a breach of the decision of the interim arbitral tribunal, issued in October / October 2014 to pay $ 100 million to a coalition of companies down progress, forcing a coalition of companies to request the implementation of this decision by the English Court, and it was a hearing to determine in this regard on 28 and October 29 / October 2015 before the Supreme Court in England.
She stressed Dana Gas and its partners in the coalition to continue their commitment to the contract and the Kurdistan region and Iraq entire, also hold out much hope that the Kurdistan Regional Government to respect the clear contractual obligations, and approved by the arbitral tribunal Court London Court of International Arbitration, and it will play its role in enabling full and appropriate for field development Kurmur and Chamchamal and according to what is stated in the contract, which can meet all the needs of the region of the fuel needed to generate electricity in the Kurdistan region of Iraq, as well as additional quantities of gas for export, and will lead to further savings for the Kurdistan Regional Government billions of dollars a year in addition to the Revenue for the benefit and the benefit to the people of Kurdistan and Iraq as a whole region, and during this period, Dana Gas continues and its partners maintain a production rate of more than 84,000 barrels of oil equivalent per day, including 335 million may cubic of gas per day, take advantage of the power generation cost affordable in the Kurdistan region of Iraq.
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