IRAQ'S Kurdistan regional government (KRG) has reached a settlement with Pearl Petroleum, a joint venture formed in 2009 by Dana Gas and Crescent Petroleum, and partners.
Claims for about $2.24 billion for alleged underpayment for gas liquids production were taken to the London Court of International Arbitration in October 2013.
KRG will now pay UAE-based Pearl $600 million in cash and earmark a further $400 million for boosting production, with additional acreage wrapped in.
