Kazakhstan’s arbitration claims against a group of international oil majors that developed the Kashagan field escalated above $160 billion after the country alleged some deals were tainted by corruption, according to people familiar with the matter.
Companies including Eni, Shell, ExxonMobil and TotalEnergies invested close to $55 billion to develop Kashagan
These initiatives make Kazakhstan one of relatively few countries in the world able to attract strong investment interest both from international oil companies and local players.
Masdar head Al Ramahi said the Kyrgyzstan agreement marked a “new chapter for Masdar in our clean energy journey … we are glad to have the opportunity to bring the energy, passion and focus to hydropower that we have utilised for so many other renewable energy sources”.
If agreed, the settlement would help to open the way for an expansion of the Kashagan oil development, including construction of new gas-processing plants needed by the government, the people said.
Slightly more than three hours later, Zenith announced the signing of a memorandum of understanding for an asset in Kazakhstan.
The first phase of the plan is for a 500 MW wind power project, possibly including battery storage.
These investors put $18.7 billion into renewables in 2022 and only $6.7bn into hydrocarbons.
An explosion this morning at Kazakstan’s Tengiz oilfield has killed at least two workers, according to local reports.
The industry drilled more wells in 2021 than 2020, IHS Markit has reported, with notable successes in high impact wells adding new resources.
Kazakh President Kassym-Jomart Tokayev accepted the government’s resignation Wednesday after increases in fuel prices led to clashes between protesters and police in central Asia’s largest energy producer.
A family-run oil and gas firm in Aberdeenshire is celebrating its best year in business, 22 years since first setting up shop.
BP abandoned three oil projects in Kazakhstan after it changed strategy to concentrate on renewable energy and its existing ventures.
OPEC+ began two days of potentially complicated talks to hash out the size of its oil-production cuts next year, with the group’s president calling for caution in a fragile market.
Petrofac has won a $135m (£106.6m) contract in Kazakhstan in a joint venture with locally-based Iskar Group.
Royal Dutch Shell Plc, Eni SpA and their partners in the Karachaganak oil and gas venture may be required to pay an additional $1 billion to settle a dispute with Kazakhstan over revenue sharing, said people familiar with the matter.
A brawl between Kazakh workers and their Arab colleagues in one of Kazakhstan's largest oil fields has left 30 people injured and led to an outcry in Lebanon and Jordan.
How should poor countries which find themselves rich in oil and gas use their wealth to build a sustainable future for their people? There is a wide range of options and plenty of examples of how to get it wrong.
Italian energy company Eni has signed an agreement to renew the conditions for the transfer to Eni of 50% of the subsoil use rights in the Isatay block in the Caspian Sea off Kazakhstan.
Ellon-based integrity monitoring specialist North East Corrosion Engineer (NECE) has won its first contract of the year in Kazakhstan.
A policy of nationalizing chunks of an economy inevitably creates oligarchs who skim profits off the country's natural resources.
Kazakhstan has agreed to continue talks over a tax dispute with a consortium of oil majors led by Shell and Eni.
Kazakhstan said it may offer to freeze its oil output at last month's level at talks between Opec and non-Opec producers in Vienna later today.
Kazakhstan said it's state security service has detained several people suspected of stealing oil and fuel from a refinery which has been linked to radical Islamists.
Kazakhstan's Energy Minister said he has not yet decided whether to attend the meeting of OPEC members and other oil producers in Vienna.