Energy Sector 8 February 2026 - 10 February 2026

Shell edged up in London trading Friday, ending the session at 2,774.50 pence—about a 0.2% gain—on volume of nearly 8.1 million shares. CEO Wael Sawan told investors the company will halt new investments in Kazakhstan for now, citing drawn-out legal fights over soaring project costs. Kazakhstan is seeking arbitration over what it claims are $13 billion in disputed Kashagan costs and another $3.5 billion at Karachaganak. Sources speaking to Reuters put a possible Karachaganak arbitration award between $2 billion and $4 billion.

Shell Plc is hitting pause on fresh Kazakhstan investments while legal battles with the state drag out, CEO Wael Sawan told analysts. “We will hold until we have better line of sight to where things end up,” he said. Kazakhstan is pursuing $13 billion and $3.5 billion in contested costs tied to the Kashagan and Karachaganak oilfields. One arbitration result could land between $2 billion and $4 billion, according to sources.