(Oil Price)– Kazakhstan expects a court ruling on its $3.5-billion lawsuit against international majors by the end of this year, Energy Minister Yerlan Akkenzhenov said on Monday as the country is suing Big Oil in several separate proceedings with total compensation and damage claims of more than $160 billion. The first arbitration ruling, against the consortium operating the Karachaganak oil
(BOE Report) – Oil exports of the Caspian Pipeline Consortium (CPC), which ships oil from Kazakhstan via a pipeline and subsequently a Russian Black Sea terminal, declined by 12% in November from October, two industry sources said on Thursday. CPC, which handles around 80% of Kazakhstan’s oil exports, was attacked by a Ukrainian drone on November 29, when one of
(BOE Report) – Kazakhstan’s Caspian Pipeline Consortium, which accounts for 1% of global crude supply, will not return to full export capacity until at least December 11 after a Ukrainian drone attack damaged a key part of its terminal, two industry sources told Reuters. The CPC terminal, which handles around 80% of Kazakhstan’s oil exports, was damaged by a Ukrainian
(Oil Price) – Kazakhstan has filed for arbitration in a Swiss court in its lawsuit against major international oil firms as the OPEC+ producer seeks billions of U.S. dollars of damages from Big Oil over contract delays, bribery, and cost overruns, sources familiar with the matter told Bloomberg. The country, where international majors including ExxonMobil, Chevron, Shell, Eni, and TotalEnergies, have developed
(Investing)– U.S. President Donald Trump will host the leaders of five Central Asian nations at the White House on Thursday as the U.S. seeks to gain influence in a region long dominated by Russia and increasingly courted by China. The talks take place amid intensifying competition for Central Asia’s vast mineral resources. Western nations are seeking to diversify supply chains
(World Oil)– Partners in Kazakhstan’s second-largest oil field won a case in a local court over environmental fine that could have exceeded $4 billion, the venture said. Kazakhstan previously sought to fine the Kashagan oil field venture partners for about 2.3 trillion tenge, or $5.1 billion at the time but $4.2 billion at current exchange rates. “We welcome the Appellate Court’s decision
(World Oil) – Kazakhstan, which has created tensions within OPEC+ by consistently breaching its production limit, has no plans to cut oil output in May, the country’s Energy Ministry said. Central Asia’s largest oil producer will pump a daily average of 277,000 metric tons of crude and condensate in May, the same level as in April, and compared with 260,000
(World Oil) – Kazakhstan is considering its options for complying with the country’s OPEC+ obligations to cut production, after Saudi Arabia doubled down on its efforts to bring quota-cheats in line over the weekend. “Kazakhstan always was and is committed to OPEC+ agreement,” the Astana-based ministry said on Tuesday in emailed reply to questions. Central Asia’s largest oil producer “is
(Investing) – The Organization of Petroleum Exporting Countries and allies (OPEC+) has rescheduled its video conference to discuss oil production levels for June. The meeting, initially planned for May 5, will now take place on Saturday, according to a report from Bloomberg, citing delegates who requested anonymity due to the private nature of the information. The upcoming meeting has the potential
(BOE Report) – Chevron on Friday reported first-quarter earnings that met Wall Street estimates, but said it would spend less on share repurchases in the current quarter, reflecting the shaky economic outlook faced by Big Oil. The company’s share repurchases this year could be between $11.5 billion and $13 billion, said Chevron Chief Financial Officer Eimear Bonner, which would be in
(BOE Report) – Kazakhstan’s energy minister will stand down from his role, the country’s presidential office said on Tuesday, as the government struggles to convince U.S. and European oil companies to lower production that exceeds OPEC+ targets. Almasadam Satkaliyev will become the head of the country’s newly created atomic energy agency, the presidential office said in a decree published on
(Oil Price)– Kazakhstan has ramped up oil production, with the country’s crude oil and gas condensate–a type of light oil- output hitting a record high of 2.12 million barrels per day in February, good for a 13% increase from January. Excluding gas condensate, crude oil production increased 15.5% m-o-m to 1.83 million bpd. The OPEC+ member has been able to increase oil output
