It can be hard to pick out the loser when both sides emerge from a dispute wreathed in smiles and claiming victory. But in the resolution to the set-to over the giant Kashagan oilfield in Kazakhstan, there really is something for everyone.

The international majors are giving up equity in the development of the field to KazMunaiGaz, the state-owned operator. In return, the group – led by Eni, ExxonMobil, Royal Dutch Shell and Total – will receive compensation of about $1.8bn. According to Lehman Brothers, this reflects a 15 per cent discount to the project’s net present value, assuming a long-run oil price of $60 a barrel.