BAKU, Azerbaijan, September 9. Kazakhstan will
continue work to recover funds from North Caspian Operating Company
(NCOC) in favor of the state, the country’s Ministry of Justice
announced.
The ministry noted that some media outlets had reported that
enforcement proceedings against NCOC to recover funds in favor of
the state had been suspended. The Ministry of Justice said that the
reports require clarification.
Currently, NCOC has appealed the actions of the state bailiff,
in connection with which the Specialized Interdistrict
Administrative Court (SMAS) of Atyrau Region has requested the
materials of the enforcement proceedings.
“In accordance with subparagraph 13) of Article 42 of the Law
‘On Enforcement Proceedings and the Status of Bailiffs,’
enforcement proceedings are suspended while the materials are
before the court until they are returned by the court. Thus, work
to recover funds from NCOC in favor of the state will continue in
accordance with the procedure established by law,” the ministry
said.
The main claims by the Kazakh authorities against NCOC, the
operator of the Kashagan field development project, are related to
large-scale environmental violations. In particular, the volume of
sulfur placed at the Kashagan site substantially exceeded the
established limit. As of today, the NCOC consortium comprises seven
energy companies: KazMunayGas (16.88%), Eni (16.81%), Shell
(16.81%), ExxonMobil (16.81%), TotalEnergies (16.81%), CNPC
(8.33%), and INPEX (7.56%).
According to NCOC, Kashagan is one of the largest oil
discoveries made in recent decades, with estimated recoverable oil
reserves of approximately 9–13 billion barrels (1–2 billion metric
tons). The reservoir is located about 80 kilometers offshore from
Atyrau in the North Caspian Sea, in waters 3–4 meters deep, with
the reservoir lying at a depth of more than 4,200 meters below the
seabed.
