Arbitration begins for claims against Karachaganak and Kashagan operators -Minister of EnergyThe International Arbitration Court has begun proceedings regarding cases brought by the Kazakh government against operators developing its largest oil and gas fields, Karachaganak and Kashagan, announced Kazakh Energy Minister Almasadam Satkaliyev."We are currently in the review process. Proceedings have started for Karachaganak, and positions of the parties are under review for Kashagan," Satkaliyev informed reporters during a parliamentary session.Satkaliyev clarified that these disputes are strictly commercial and do not affect the investment aspect."We are discussing additional obligations under the production sharing agreement. The final decision will be made after the judgment of an independent international court," the minister emphasized.The government of Kazakhstan has filed claims totaling $16.5 billion against the operators of Kashagan and Karachaganak fields, citing unauthorized expense deductions. The Ministry of Energy appointed arbitrators for these claims in March.In April, Bloomberg, citing sources, reported that Kazakhstan has increased its arbitration claim against NCOC to over $150 billion. This includes $138 billion for oil production promised but not delivered.The Kashagan field, among the world's largest with reserves up to 13 billion barrels, started commercial production in 2016.The shareholders of the NCOC consortium, the operator of Kashagan, are KMG Kashagan B.V. (16.877%), Shell Kazakhstan Development B.V. (16.807%), Total EP Kazakhstan (16.807%), AgipCaspian Sea B.V. (16.807%), ExxonMobil Kazakhstan Inc. (16.807%), CNPC Kazakhstan B.V. (8.333%) and Inpex NorthCaspian Sea Ltd. (7.563%).The Karachaganak field is one of the largest in the world. Oil reserves amount to 1.2 billion tonens, gas reserves - 1.35 trillion cubic meters. The development of Karachaganak, according to the PSA signed in 1997 for 40 years, is carried out by the international consortium KPO consisting of Shell (29.25%) (through a 100% affiliated company BG Karachaganak Limited), Eni (29.25%), Chevron (18%), NK "LUKOIL" (13.5%), "KazMunayGas" (10%). (ICE ALMATY)

Fonte notizia: INTERFAX