Kazakhstan v. ENI: Update

Those “open and constructive” meetings between Kazakhstan and the Kashagan consortium led by ENI are proceeding apace.  The newest salvo in the negotiations is that Kazakhstan is asking for USD 10 billion in damages for non-performance of contract obligations.

Later in the article, one oil analyst dismissed Kashagan's importance.  This has to do, I’m sure, with contract negotiating, but also with the reduced yield expected from the field–initially estimated at 45 billion barrels of oil equivalent and now down to 10 or 13 boe recoverable assets.

More updates soon, I’m sure.  For background, check last week's comprehensive post.

Photo: Tsar's Cannon from z.about.com