(Bloomberg) -- Kazakhstan has increased its arbitration claims against international oil companies that developed the Kashagan oil field to more than $150...
-- Kazakhstan has increased its arbitration claims against international oil companies that developed the Kashagan oil field to more than $150 billion, demanding compensation for lost revenue in addition to a dispute over costs, according to people familiar with the matter.
Companies including Eni SpA, Shell Plc, Exxon Mobil Corp. and TotalEnergies SE invested about $55 billion to develop Kashagan, which currently produces just under 400,000 barrels a day of oil. While the field was one of the biggest discoveries in decades, it also brought numerous technical challenges, from a sea that was frozen for almost half the year to a reservoir that contained high concentrations of poisonous gas.
Kazakhstan’s Energy Ministry declined to disclose any details of the disputes, saying that “this is a purely commercial dispute which the parties intend to resolve through arbitration procedures.” The operator of the field has denied being at fault in the cases related to the environmental and cost claims.
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