
On Jan. 15, the government of Kazakhstan ended months of uncertainty in world energy markets by announcing that KazMunaiGaz, the country’s national oil and gas company, would assume a lead role in developing the Kashagan oil field, one of the world’s largest. The decision marks the latest instance of a government strengthening control over its valuable national resources by pressuring foreign firms to revise production sharing agreements (PSAs) negotiated years earlier. A press release issued by KazMunaiGaz concerning the new memorandum of understanding stated that it “seals the consent of all commercial participants in the consortium to transfer a stake […]