After several hearings, a settlement has been reached in the long-running LCIA arbitration between a consortium of UAE gas companies, comprising Pearl Petroleum Company Limited, Dana Gas PJSC and Crescent Petroleum Company International Limited (as Claimants) and the Kurdistan Regional Government of Iraq (as Respondent). News of the arbitration and its settlement has recently been reported in international arbitration publications.
The Claimants pursued claims against the Kurdistan Regional Government valued at over US$ 39 billion in the arbitration, which related to the exploration and development of two gas fields in the Kurdistan Region of Iraq. Until the settlement, the LCIA arbitration, which has been running since 2013, was being heard by a tribunal comprised of Lord Hoffmann, Lord Collins and John Beechey.
The Kurdistan Regional Government was represented in the arbitration by Graham Dunning QC, leading Edmund King, Anton Dudnikov and Catherine Jung, instructed by Gary Born, Rachael Kent and Duncan Speller at Wilmer Cutler Pickering Hale and Dorr (acting as co-counsel).
In earlier hearings, the Claimants were represented by Gordon Pollock QC, instructed by Freshfields Bruckhaus Deringer and Three Crowns (who both acted as co-counsel).