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Exxon Mobil (NYSE:XOM), Eni (NYSE:E), Shell (NYSE:SHEL), TotalEnergies (TTE) and other members of the North Caspian Operating Company are being sued by the Kazakhstan government for 2.3T tenge (~$5.14B) in environmental fines at the Kashagan oil field, Bloomberg reported Wednesday.
The country’s Ecology and Natural Resources Ministry accused the consortium that runs the Kashagan operation of keeping more than double the amount of sulfur permitted on the site, according to the report.
Kashagan, which is one of Kazakhstan’s biggest oilfields, cut its production in half last year for about two months due to a gas leak; the field has since fully restored production.
The demand for the environmental fine comes as Kazakhstan reportedly is looking for ways to assert greater control over the NCOC consortium.
Exxon Mobil (XOM) is “a strong buy as an income and growth consideration based upon the Guyana partnership progress,” Long Player writes in an analysis posted recently on Seeking Alpha.
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