Oil and Gas Agreement Details Settlement Between Grynberg and British Gas
What happened
In 1990, Jack Grynberg signed an agreement with British Gas to share oil and gas opportunities in Kazakhstan, specifically involving the Karachaganak field. When British Gas reportedly found another business partner, Grynberg sued the company. The lawsuit settled in 1993, resulting in Grynberg receiving $50 million, 15 percent of the Kazakhstan profits, and 15 percent of the proceeds from any sale of its stake. The agreement covering the field is set to run until 2038.
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Why it matters
The agreement established a long-term revenue stream for Grynberg from the Kazakhstan field. The legal activity surrounding the matter has been documented in Delaware, where Grynberg was involved in numerous lawsuits.
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Who's involved
- British GasThe energy company that entered the original oil and gas sharing agreement with Jack Grynberg.
- DelawareThe state where legal activity related to the Grynberg family's business has occurred.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- British GasSpeculative
British Gas might see changes in its operational costs or revenue related to the long-term oil and gas agreement in Kazakhstan.
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The entities involved
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Delaware
state of the United States of America
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British Gas
energy and home services provider in the United Kingdom