Genel to seek compensation after Kurdistan terminates Bina Bawi, Miran contracts
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Genel Energy PLC said Friday, December 10, that it will make substantial compensation claims after the Kurdistan Regional Government decided to terminate the production sharing contracts for its Bina Bawi and Miran fields.
The oil-and-gas company said it has now received formal termination notices from the KRG.
"In these circumstances, the board has concluded that it is left with no practical alternative but to accept that the PSCs are terminated as a consequence of the KRG's repudiatory breach and to claim compensation from the KRG," Genel said.
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