In accordance with the Energy Charter, a large British oil company, Victoria Oil & Gas, is filing a lawsuit against the Republic of Kazakhstan. According to the Global Arbitration Review, a global legal resource.

The stumbling block was the large oil field Kemerkol in the Atyrau region. In 2005, the field was acquired by Victoria Oil & Gas for $ 8.5 million, the company had large-scale plans for exploration and development of resources, but in 2008 the contract was terminated due to the revocation of the license by the Economic Court of the Atyrau region. By the way, Victoria Gas & Oil has left $ 35.5 million in reserve for the book value of the asset of the Kemercol field.

The British oil company estimates potential damages in the hundreds of millions of dollars for the termination of this contract between the Republic of Kazakhstan and Victoria Oil & Gas. The company intends to fight for its rights to the field but has already significantly reduced its economic plans for the development of the field.

According to the information from the Kazservice resource, the right to use the Kemercol field now belongs to AP NAFTA OPERATING LLP, owned by Kazakh businessmen. We continue to monitor the situation and will share with you news about this trial.