Market Chatter: Shell, TotalEnergies, ExxonMobil Face $5.2 Billion Kazakhstan Fine

MT Newswires Live
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Shell (SHEL), TotalEnergies (TTE), ExxonMobil (XOM) and China National Petroleum face a $5.2 billion fine for alleged environmental abuses, after renewed enforcement proceedings started Tuesday by Kazakhstan authorities, the news service Interfax reported Wednesday, citing the Justice Ministry's online database.

The four oil giants operate the North Caspian Operating Company in the Kashagan, an offshore field in the Caspian Sea, and have disputed the fine, which Kazakh authorities have attempted to impose over alleged sulphur-storage violations, reported Reuters on Wednesday.

The consortium said it is contesting the fine through available legal channels, Reuters said.

The Kashagan is one of the largest oil discoveries in recent times, with an estimated 13 billion barrels of recoverable reserves, Reuters said.

Representatives from TotalEnergies, ExxonMobil and Shell did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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