Energy firms face up to $4 billion payout after losing Karachaganak arbitration, Bloomberg News reports
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An international consortium, including Eni and Shell, faces up to $4 billion in compensation after losing an arbitration case with Kazakhstan over the Karachaganak oil field. The court has not finalized the amount, but legal advice suggests the payout could range from $2 billion to $4 billion. The consortium may appeal the decision, and changes to the oil distribution formula in the production sharing contract could be implemented as part of the repayment mechanism. Chevron, Shell, Eni, Lukoil, and KazMunayGas have not commented on the ongoing proceedings.
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