UAE Consortium Settles Dispute With Iraqi Kurdistan Government

Skadden has successfully settled a dispute in the London Court of International Arbitration (LCIA) between the firm's client, a United Arab Emirates consortium comprised of Crescent Petroleum, Dana Gas and Pearl Petroleum, and the Kurdistan Regional Government of Iraq. In one of the highest-value energy disputes in the Middle East, the regional government paid the consortium an immediate $1 billion, $400 million of which will be reserved exclusively for investment in the two gas fields that were the subject of the dispute. The regional government also has awarded the consortium new blocks in one of the gas fields and adjusted Pearl Petroleum's entitlement to future revenues.