Arbitration rules in Crescent’s favour versus NIOC

An international arbitration panel examining the failed deal between Crescent Petroleum and the National Iranian Oil Company (NIOC) to supply gas to the UAE has determined that the 25-year contract was valid and binding, and that NIOC has therefore been obligated to deliver gas since December 2005, according to a 10 August statement from Crescent’s partner Dana Gas. Crescent said it now hopes to resolve matters through “constructive discussions” with NIOC; there are still a number of hurdles to overcome before gas might flow.