Crescent Petroleum and Dana Gas have sold their shares in Hungarian oil and gas company MOL, their partner in the Pearl consortium operating in the Kurdistan Region of Iraq, and filed for arbitration over a recent settlement with the Kurdistan Regional Government (KRG), disputing the validity of a default notice MOL has served.
The KRG agreed last month to immediately pay USD 1 billion to the Pearl consortium that includes Crescent and Dana Gas, after four years of legal battles. The settlement agreement with the KRG was welcomed and endorsed by Dana Gas, Crescent Petroleum, OMV and RWE, together holding 90% of the shares of Pearl.
Full article available for subscribers of Energy NEWS service (PDF publications, energy news, analyses, power and trading data, tenders)
Subscription fee: 800 EUR annually – company licensed
Tags: Crescent Petroleum, Dana Gas, dispute, gas, Hungary, KRG, Kurdistan, Mol, oil