By John Lee.
Austria’s OMV has said its third-quarter clean operating result “was positively impacted” by about 90 million euro ($107 million) following a settlement over a dispute relating to the Khor Mor and Chemchemal fields in Iraqi Kurdistan.
On August 30, 2017, the Kurdistan Regional Government (KRG) and Dana Gas , Crescent Petroleum and Pearl Petroleum Company Limited reached a settlement under which the KRG agreed to immediately pay $1 billion to the consortium to settle the long-running legal dispute.
Of the EUR 90 million, OMV received approximately 60 percent as dividend from Pearl while around 40 percent was put into a dedicated accountfor future investments in Khor Mor.
(Source: OMV)