Kazakhstan Takes Oil Majors to Court Over Revenue Disputes

Kazakhstan has initiated arbitration proceedings against the companies developing its Kashagan and Karachaganak oilfields over $13 billion and $3.5 billion, respectively, in costs deducted as part of profit-sharing deals. The two oilfields are the second and third biggest producers of oil in the Central Asian nation, whose economy relies heavily on energy exports. The companies involved in the dispute include Eni, Shell, TotalEnergies, ExxonMobil, KazMunayGas, Inpex, CNPC, Chevron, and LUKOIL. The claims cover the period from 2010 to 2018 for Kashagan and from 2010 to 2019 for Karachaganak.