Arbitration and dispute resolution
If a dispute arises under the contract, the parties shall first use their reasonable endeavors to negotiate promptly in good...
Audit mechanisms - financial obligations
The government shall have the right to request an audit of Genel Energy International Limited (Genel Energy)'s accounts with regard...
Bonuses
Genel Energy International Limited shall pay to the government the following bonuses:
1) a signature bonus of US$ 1 million;
2) a...
Confidentiality
The parties undertake to keep all data and information relating to the contract and the petroleum operations confidential during the...
Environmental impact assessment and management plan
Genel Energy shall conduct and submit an environmental impact assessment to the government within 6 months after the effective date.
Environmental protections
Gas flaring is prohibited unless it is a short term flaring of up to 12 months necessary for testing or...
Governing law
The governing law is English law (except any rule of English law which would refer the matter to another jurisdiction),...
Income tax: exemptions
The government intends to present to the national assembly of the Kurdistan region a law to authorize the government, by...
Income tax: other
Genel Energy International Limited (Genel Energy) shall be subject to corporate income tax on its income from petroleum operations and...
Income tax: rate
The rate of the corporate income tax applicable to Genel Energy International Limited (Genel Energy) shall be the generally applicable...
Infrastructure
For its petroleum operations, Genel Energy International Limited (Genel Energy) shall have the right in the Kurdistan region to use,...
Infrastructure - third party use
Subject to spare capacity being available and to their petroleum being compatible, third parties shall be entitled to transport their...
Local employment
For the petroleum operation, Genel Energy International Limited (Genel Energy) shall give, and shall require that its subcontractors give, preference...
Local procurement
Genel Energy International Limited (Genel Energy) shall give priority to equipment and materials that are readily available in the Kurdistan...
Location
The initial contract area covers the Ber Bahr Block and extends over an area of 208 square kilometers as detailed and indicated on the map attached in Annex A.
Other - financial/fiscal
To take account of specific conditions relating to natural gas and to promote its development in the Kurdistan region, the...
Other - miscellaneous
If it is reasonably proven that this contract was obtained in violation of Kurdistan region law relating to corruption, the...
Other - operational
Genel Energy International Limited shall sell and transfer to the government, upon written request of the government, any amounts of...
Production Share - Cost Oil features (basis of calculation, limits on cost recovery - e.g. as % of revenue or production, capex uplift, etc.)
From the first production, Genel Energy International Limited (Genel Energy) shall at all times be entitled to recover all petroleum...
Production Share - "Profit Oil features (triggers for variations in split - IRR, factor, production, etc .)
To determine Genel Energy International Limited (Genel Energy)’s percentage share of the profit crude oil and/or profit natural gas, the...
Restrictions on transactions with affiliated parties
For the financing of petroleum operations, Genel Energy International Limited shall have the right to have recourse to external financing...
Royalties
For export crude oil, the royalty rate shall be 10% which shall apply regardless of the gravity of the oil....
Stabilization
The government intends to present to the national assembly of the Kurdistan region a law to authorize the government, by...
State agency, national company or ministry executing the document
Ministry of Natural Resources, Kurdistan regional government.
State participation
The government shall participate in the contract through a public company, effective from the effective date, with an undivided interest...
Term
The exploration period shall be for an initial term of 5 contract years extendable on a yearly basis up to...
Training
Genel Energy International Limited (Genel Energy) shall give due consideration to the secondment of government personnel to Genel Energy and...
Water use
For the execution of petroleum operation under this contract, Genel Energy International Limited (Genel Energy) shall have the right to...
Work and investment commitments
Genel Energy International Limited (Genel Energy) shall provide the government, if so required, with a corporate guarantee issued with respect...
Country
Iraq
Signature Year
2009
Resource
Hydrocarbons
Type of Contract
Production or Profit Sharing Agreement
Open Contracting Identifier
ocds-591adf-5838470097
Disclosure Mode
Government
Genel Energy International Limited, Gulf Keystone Petroleum International Limited, Ber ...
Genel Energy International Limited, Gulf Keystone Petroleum International Limited, Ber ...
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