Genel Energy is taking the Kurdistan Regional Government (KRG) to international arbitration over the termination of contracts for the Miran and Bina Bawi gas fields, capping a decade of uncertainty over Erbil's strategy for developing its gas sector.
The impending legal fight is the latest red flag for oil sector investors who have also voiced concerns about the KRG's track record of failing to pay invoices on time or to stick to schedules for repaying debts. Such worries tend to discourage capital spending, and Kurdistan's overall production has declined this year by nearly 10 percent.
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