Tag Archives | Crescent Petroleum

Crescent Petroleum to Increase Investment in Iraqi Gas

By John Lee. UAE-based Crescent Petroleum is reportedly planning a significant increase in its production of natural gas at its Pearl Petroleum operations in Iraq. President Badr Jafar (pictured) is quoted as saying that there will be an investment of $1 billion to boost production to 500 million cubic feet of gas per day by […]

OMV Pockets $107m from KRG Settlement

By John Lee. Austria’s OMV has said its third-quarter clean operating result “was positively impacted” by about 90 million euro ($107 million) following a settlement over a dispute relating to the Khor Mor and Chemchemal fields in Iraqi Kurdistan. On August 30, 2017, the Kurdistan Regional Government (KRG) and Dana Gas , Crescent Petroleum and […]

KRG to pay $1bn to Pearl in “Full and Final Settlement”

The Kurdistan Regional Government (KRG) will immediately pay $1 billion to the Pearl Consortium, including Dana Gas, and its partners to settle a long-running legal dispute. In a joint press release, the Kurdistan Regional Government and Pearl Consortium announced the “full and final settlement” between the two parties. Below is the full press release: Settlement […]

KRG hits back at Dana Gas

The Kurdistan Regional Government (KRG) issued a statement regarding the partial ruling on the allocation of costs from the tribunal in the ongoing arbitration between the KRG and Dana Gas PJSC, Crescent Petroleum Company International Limited and Pearl Petroleum Company Limited (collectively “the Claimants”): The arbitration is subject to duties of confidentiality under the applicable […]

Dana Gas Consortium wins Payment in KRG Dispute

By John Lee. The London Court of International Arbitration (“Tribunal”) yesterday released its First Partial Final Costs Award, dated 17 July 2017 in the Arbitration between Peal Petroleum Company Limited, Dana Gas PJSC and Crescent Petroleum Company International Limited (the “Consortium”) –v- The Kurdistan Regional Government of Iraq (“KRG”). The Tribunal ordered the KRG: to […]

Dana Gas claims victory in Kurdistan Dispute

By John Lee. UAE-based Dana Gas has said it had won a judgment against the Kurdistan Regional Government (KRG) at the London Court of International Arbitration (LCIA). The consortium of Dana Gas, Crescent Petroleum and Pearl Petroleum has been seeking to confirm its contract rights and obtain payment from the KRG for gas production. The company […]

Crescent Petroleum hopes to Expand in Iraq

By John Lee. Sharjah-based Crescent Petroleum plans to expand further in Iraq, according to a report from The National. The newspaper quotes chief executive Majid Jafar (pictured) as saying: “What we see in the region is the potential is much higher than what we’ve achieved so far.” In Iraq, the company is said to be […]

New Oil Bidding Round Postponed to Mid-2017

By John Lee. The Ministry of Oil is to postpone a bidding round for 12 small- and medium-sized oil fields, following criticism of the plans by experts including IBN Expert Blogger Ahmed Mousa Jiyad. In a statement, the Ministry’s Petroleum Contracts and Licensing Directorate (PCLD) said: “Following to the previous Ministry of Oil Announcement dated […]

New Oil Development Opportunities in Iraq

By John Lee. Iraq’s Ministry of Oil has requested proposals from international oil companies interestsed in developing a number of small- and medium-sized oil fields. The fields concerned are: Sindebad (Basra governorate); Umm Qasr [Um Qaser] (Basra governorate); Rachi (Basra governorate); Abu Khema (Basra governorate); Kumait (Missan governorate); Noor (Missan governorate); Umara (Missan governorate); Dema […]

Dana Gas Shares Rise on $2bn Iraq Judgement

By John Lee. Dana Gas has announced that the London Court of International Arbitration (LCIA) has ordered the Kurdistan Regional Government (KRG) to pay $1.98 billion to a consortium that it leads. In a statement to the Abu Dhabi stock exchange, the Sharjah-based company claims that the judgement is final, binding and internationally enforceable, and […]