Kazakhstan's Legal Battle with Kashagan Oil Operators Continues, Minister Says

Photo: AFP

The legal proceedings against international oil companies developing the Kashagan field continue to be in the spotlight. Kazakh Energy Minister Almassadam Satkaliyev said that the hearings, which began earlier this year, have not yet been completed.

“At a briefing in the Majilis, Satkaliyev noted that the process requires compliance with certain procedures, The Caspian Post reports, citing Kazinform.

"I said that certain hearings are underway, the International Tribunal is considering the parties' positions. We expected that they would be completed in the second half of autumn [this year - editor's note] and some information would become available. Unfortunately, the hearings are still ongoing. We do not yet have this information when they will be [completed - editor's note],” the minister commented.

Previously, the government intended to collect about $16.5 billion, however, in April of this year, Kazakhstan increased its arbitration claims against Kashagan operators to more than $150 billion.

Back in August, the arbitration disputes between Kazakhstan and the international oil companies developing the massive Kashagan oil field escalated, with compensation claims rising to $160 billion.