Kazakhstan apparently intends to ramp up pressure on the international consortium developing the Karachaganak field, one of the world’s largest gas and condensate fields, by threatening to impose a financial penalty in a potential rerun of a dispute that ended with state oil company Kazmunaigas (KMG) securing a 10% stake three years ago. One Western industry source familiar with the project told Nefte Compass that the reason for the fine was not clear but could be “simple blackmail” by the Kazakhs to raise cash or pay for their share of Karachaganak development costs at a time of slumping oil revenues.
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