Dana Gas says Kurds owe $11 billion

SHARJAH, United Arab Emirates, Dec. 8 (UPI) -- Emirati energy company Dana Gas said the Kurdish government of Iraq owes it and its partners more than $11 billion for interfering with oil-field operations.

Dana last month reached an "amicable and mutually beneficial" deal with German energy company RWE after claims of a breach of confidentiality. As part of the settlement, RWE's subsidiary in the Middle East joins the consortium, Pearl Petroleum, as a partner with a 10 percent stake in Kurdish developments.

The agreement with RWE came one day after an international court of arbitration called on the Kurdistan Regional Government to pay Dana and its consortium partners nearly $2 billion for disputes over the development rights to the two oil fields.

"The company wishes to clarify to the market that the consortium's remaining claims are estimated at over $11 billion principally for wrongful interference with the consortium's long-term rights over the Khor Mor and Chemchemal fields," Dana Gas said in a statement.

The semiautonomous Kurdistan Regional Government made a counter-claim of around $3 billion. The government characterized previous statements by Dana Gas as "selective and misleading."

There was no comment from the KRG on the latest statement from Dana Gas. A hearing is planned for next year.

Dana said it's not received any of the sums awarded thus far.