1 July 2004
Kazakhstan: Big oil, big trouble
INTERNATIONAL oil majors that struggled to gain entry to the highly prospective north Caspian Sea, offshore Kazakhstan, in the 1990s, might now be more troubled by how difficult it can be to get out. After saying it would abandon the Kashagan project, 18 months ago, the UK's BG has still not divested its 16.6% stake in the Kazakhstan North Caspian Operating Company (KCO) group, which is developing some 9bn-13bn barrels of reserves at one of the biggest oilfields in the world. An attempt by BG to split its KCO stake in two, selling 8.33% packets to China's CNOOC and Sinopec failed after other members of the Agip-led group exercised their right to pre-empt the farm-out and absorb the shares th
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