OKIOCOffshore Kazakhstan International Operating Company
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OKIOC discovered oil in July 2000 in its first test well at the field.
While OKIOC, whose partners include such big oil multinationals as ExxonMobil, British Gas (BG), Royal Dutch/Shell, TotalFinaElf and Phillips Petroleum, is reluctant to estimate the size of its potential reserves, unofficial estimates have put the possible figure in the range of 25 to 60 billion barrels.
OKIOC is owned about 14.286% by each of Shell, ExxonMobil, a BP Amoco/Statoil partnership, Agip, TotalFinaElf and BG, and about 7.143% by each of Phillips Petroleum of the US and Inpex of Japan (see APS Review's Gas Market Trends, No.
In April 2005, BG Group of the UK complete the sale of its 16.67% share in OKIOC's PSA, which includes Kashagan, for about $1.8 bn.
OKIOC's 20-year PSA (renewable for another 20 years) was signed on Nov.18, 1997 during President Nazarbayev's visit to the US.
The studies were to be followed by the issuance of licences for the blocks other than OKIOC's 12.
Apart from joining OKIOC, Phillips was to study the development, gathering and processing of natural gas, and the extraction, fractionation and transport/marketing of gas liquids in Kazakhstan.
Separately, a Japanese consortium of Inpex North Caspian, Mitsubishi, Mitsui and JNOC signed four oil/gas exploration and investment contracts with KCS worth $2 bn, involving offshore blocks other than OKIOC's.
(OKIOC), it deals a blow to the latter's and AIOC's plans to have an oil export route independent from the Russian pipeline system.
(OKIOC), is owned about 14.286% by each of Shell, Mobil, a BP/Statoil partnership, Agip, Total, BG and KazakhOil's offshore unit KazakhstanCaspiShelf (KCS).
According to a tight schedule imposed by Astana, if oil is found in big commercial quantities as expected, OKIOC would produce 100,000 b/d by 2004 and raise this to 1.2 million b/d by 2013.
Each of the foreign partners will eventually bid for its own E&P block in the sea, apart from OKIOC's blocks.