Kashagan arbitration excludes $12 billion in Kazakh claims, report says
An October 22 report says the claims were filed too late, leaving $8 billion in other cost claims and separate lost-revenue demands still to be resolved.
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An October 22 report says the claims were filed too late, leaving $8 billion in other cost claims and separate lost-revenue demands still to be resolved.
The Permanent Court of Arbitration in The Hague excluded $12 billion in Kazakhstan’s claims over the Kashagan oil field because they were filed after the legal time limit expired, Eurasianet reported on October 22, citing Bloomberg. Another $8 billion in claims remained standing; that is not an award of compensation.
Kazakhstan is seeking compensation from a consortium of oil companies including ExxonMobil, Shell and TotalEnergies for alleged development delays and cost overruns. Kashagan began pumping oil in 2016 after years of delays and significant cost overruns, according to an energy-agency background report cited by Eurasianet.
| Amount | Claim | Reported status |
|---|---|---|
| $12 billion | Costs allegedly incurred in 2011–15 | Excluded because the filing deadline had expired |
| $8 billion | Other cost claims | Left standing, not awarded as compensation |
| More than $130 billion | Separate claims for alleged lost revenue from production delays | Still being pursued by Kazakhstan |
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The reported exclusion turns on when Kazakhstan filed the claims, rather than a finding on whether the alleged costs justified compensation. The separate lost-revenue demands are distinct from the cost claims addressed by this ruling.
Kashagan lies offshore in the Caspian Sea near the Kazakh city of Atyrau. Eurasianet reports estimated recoverable reserves of upwards of 13 billion barrels, explaining the scale of the oil asset at the centre of the dispute.
The field’s shallow water and cold climate prevent the use of conventional fixed or floating platforms, according to the energy-agency account cited by Eurasianet. Drilling and processing equipment instead sits on artificial islands.
The surviving cost claims and separate lost-revenue claims still await resolution. ExxonMobil maintains that further development of Kashagan cannot proceed until the arbitration cases are settled.
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