The North Caspian Operating Company (NCOC), operator of the Kashagan oil field, has lost its appeal of a 2.3 trillion tenge environmental fine in Kazakhstan’s Supreme Court.
Oil and gas industry expert Nurlan Zhumagulov said on his Energy Monitor channel that the company is delaying payment pending a decision by an international arbitration tribunal.
Collection efforts may face delays
Kazakhstan’s Ministry of Ecology can now move to enforce the fine and begin collection. However, NCOC may still challenge the fine itself, as earlier proceedings focused only on the procedures used to verify the violations.
Experts say...