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The discovery of the giant Kashagan oil and gas field, one of the largest discovered in several decades, held the promise of a lucrative future revenue stream for a newly independent Kazakhstan. But making the field, located in the Caspian Sea, productive quickly proved difficult.

Delays and cost blowouts during its development led to prolonged tension between the consortium of oil companies that operates the field and the Kazakh government under former leader Nursultan Nazarbayev.

Then, in April 2023, six and a half years after the field began commercial production, Nazarbayev's successor, President Kassym-Jomart Tokayev, launched a landmark arbitration claim against the consortium, the North Caspian Operating Company, marking a new, forceful approach to dealing with Big Oil.

So far, the $160 billion dispute, reportedly over alleged profit losses, corruption and environmental violations, has been shrouded in mystery. However, a leaked interim ruling obtained by ICIJ now hints at what's at stake: Kazakhstan claims NCOC has been taking a staggering 98% of oil revenue, after modest royalty payments.

Image: Leon Neal/PA Images via Getty Images

This lopsided division of revenue, the government says, stems from the 1997 production-sharing agreement with the consortium, whose shareholders include Shell, ExxonMobil, Eni and others. While the arbitration remains secret, some of the companies have publicly pushed back against Kazakhstan's claim, which one expert warned could alienate the country's "most trusted international corporate partners."

"By lodging such a massive claim, despite clear contract terms, the Kazakh government could turn a generational oil find into an endless courtroom battle," said Paolo Sorbello, an expert on Kazakhstan's energy sector. "On the other hand, NCOC shareholders should [come to] the negotiating table if they want to keep the relationship alive." Read more here.

Odebrect scandal: Former Peruvian president sentenced
A top court in Peru on Tuesday sentenced former President Ollanta Humala and his wife, Nadine Heredia, to 15 years in prison for illegally accepting payment from Brazilian construction company Odebrecht. Humala is Peru's second former president to get time behind bars as part of the corruption scandal.

Pandora Papers inspires 'blood antiquities' documentary
A new documentary explores the clandestine trafficking networks that exploited child soldiers to plunder Cambodian temples, ultimately delivering ancient treasures into the collections of elite Western museums and billionaires. "LOOT: A Story of Crime and Redemption" builds on Pandora Papers revelations about controversial British antiquities dealer Douglas Latchford.

"Cargo trucks: a trap for migrants" wins IRE award
ICIJ's reporting collaboration with Noticias Telemundo, the Latin American Center for Investigative Journalism, Bellingcat and other media partners won Investigative Reporters and Editors' Tom Renner Award for outstanding crime reporting. Judges said the investigation documenting thousands of migrants' dangerous journeys through Mexico in trailer trucks brought "breathtaking new insight to an opaque underworld." Read ICIJ's story here.

Thanks for reading!

Joanna Robin
ICIJ's digital editor

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Peru’s former president sentenced for Odebrecht corruption, the Pandora Papers inspires ‘blood antiquities’ documentary, and more