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ERBIL, Kurdistan Region - Genel Energy said on Friday that an arbitration tribunal has ordered its subsidiary to pay nearly $27 million in legal costs to the Kurdistan Regional Government (KRG) in connection with a case about terminated contracts.
The Genel subsidiary, Genel Energy Miran Bina Bawi Limited, was ordered by the London Court of International Arbitration to pay the KRG $26.8 million plus interest, the oil company said.
The amount 'is less than the sum of approximately $36 million originally claimed by the KRG,' it added.
The case began in 2021 when the KRG canceled Genel's contracts for the Bina Bawi and Miran gas fields arguing that the company had failed to develop the blocks as per the terms of their contract.
The UK-listed company contested the termination and took the case to international arbitration.
In December 2024, the court ruled in favour of the KRG.
The two fields have large natural gas reserves. The Bina Bawi field holds an estimated 8.2 trillion cubic feet of natural gas and 37 million barrels of oil. Volume estimates at Miran are 6.6 trillion cubic feet of raw gas and 93 million barrels of oil and condensates.
Genel Energy operates four fields in the Kurdistan Region – Taq Taq, Sarta, Tawke, and Peshkabir – with total reserves of some 117 million barrels of oil.
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