Energy majors developing the Karachaganak gas condensate field will pay $1.1 billion to Kazakhstan to settle a profit-sharing dispute, Kazakhstan’s Energy Ministry said on Monday. Kazakhstan and the consortium led by Shell and Eni will also amend the terms of their production-sharing agreement so that the former Soviet republic will receive a higher share of future revenues from one of the Central Asian nation’s biggest hydrocarbon fields. The ministry estimated the extra income to amount to $415 million by 2037 based on the Brent crude price of $80 per barrel. The group has also agreed to provide a $1 billion long-term loan to Kazakhstan for infrastructure development. Kazakhstan filed a $1.6 billion claim against foreign firms developing Karachaganak in 2015, Russia’s Lukoil – another consortium member […]