Oil Majors Lose Kazakh Field Dispute Worth as Much as $4 Billion

The oil majors that operate the Karachaganak field in Kazakhstan lost an international arbitration case, leaving them liable to pay as much as $4 billion in compensation to the country’s government, according to people familiar with the matter.

The court has yet to determine the specific amount the field’s partners, led by Eni SpA and Shell Plc, will have to pay, the people said, asking not to be named because the arbitration wasn’t public. The Karachaganak venture may still appeal the decision, they said.

The ruling is a partial victory for Kazakhstan, which was claiming more than $6 billion ...