KRG serves Genel with notice to terminate two gas contracts

LONDON - The Kurdistan Regional Government (KRG) has told Genel Energy that it intends to terminate the Bina Bawi and Miran production sharing contracts, the company said, two projects with enormous natural gas reserves that have faced contractual delays for years.

There was no immediate word from the KRG’s Ministry of Natural Resources (MNR) as to why it had chosen to terminate the gas PSCs at this time, when the KRG’s plans to expand gas production and create export revenue are running years behind schedule. In serving notice, Erbil appears to have reneged on what Genel says was an understanding that no notice of termination would be served while negotiations continued on development plans, the company said.