Oil majors that operate the Karachaganak field in Kazakhstan, including Eni (E) and Shell (SHEL) lost an international arbitration case, leaving them liable to pay as much as $4B in compensation to Kazakhstan’s government, Bloomberg’s Nariman Gizitdinov reports, citing people familiar with the matter. The court has yet to rule on the specific amount the field’s partners will be ordered to pay, and the Karachaganak venture could still appeal the decision, the author notes. Other partner companies involved in Karachaganak include Chevron (CVX), Lukoil (LUKOY), and KazMunaiGas.
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