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KRG deal settles debts, gives more acreage to Pearl

By settling with Dana Gas and partners, the Kurdistan region avoids tens of billions of dollars of potential liability and commissions massive new gas production within two years.
A flare is seen behind a sign at the Khor Mor LPG plant in Iraqi Kurdistan on May 27, 2013. (JACOB RUSSELL/Metrography/Iraq Oil Report)

Iraq's autonomous Kurdistan region has settled a massive, long-standing dispute with one of the earliest and most important investors in its gas sector.

The agreement, announced Wednesday, enables the Kurdistan Regional Government (KRG) to move forward with developing badly needed gas production and power generation capacity, and to resolve a contentious episode that tarnished its investor-friendly image.

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