We represented Crescent Petroleum, Dana Gas, and Pearl Petroleum in a London-seated LCIA arbitration against the Kurdistan Regional Government of Iraq (KRG) arising from the KRG’s violation of our clients’ contractual rights and obligations in relation to two oil and gas fields in the Kurdistan region of Iraq. We secured for our clients, from an eminent arbitral tribunal comprised of two former UK Supreme Court justices, various remedies including: (a) interim measures requiring the KRG to re-commence regular payments that had been discontinued; (b) partial final awards against the KRG worth approximately $2 billion; (c) dismissal of the KRG’s counterclaims worth several billion dollars; and (d) a favourable costs award. The arbitration eventually facilitated a settlement among the parties, under which our clients were able to proceed with development pursuant to a material lengthening and enhancement of their contractual rights in relation to the relevant fields.
5 December 2018