ASTANA, Kazakhstan, March 25. Victoria Oil & Gas, a UK-based oil and gas company, has filed a lawsuit against Kazakhstan, invoking provisions of the Energy Charter Treaty, Trend reports.
The claim, registered with the International Centre for Settlement of Investment Disputes (ICSID), stems from the termination of a contract related to the exploration and extraction of oil at the Kemerkol field in the Atyrau region.
According to the Energy Monitor public foundation’s Telegram channel, the company had previously announced its intention to pursue legal action in April 2021, seeking compensation in the hundreds of millions of dollars. The dispute revolves around the termination of an agreement that Victoria Oil & Gas entered into in 2005 with Saga Creek Gold Ltd, acquiring a 100% stake in the Kemerkol field for $8.5 million.
At the time, the company drilled several wells and assessed the potential geological reserves at approximately 15 million tons of oil. However, in 2008, Kazakhstan unilaterally canceled the contract, and the reasons for the termination have not been disclosed.