Kazakhstan To Proceed With Funds Recovery From NCOC

(MENAFN- Trend News Agency) 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.

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