Altius Petroleum is majority owned by Korea National Oil Company (KNOC) and operates four small oil fields in the Precaspian Basin. Akzhar (post salt) is by far the largest and remains the focus of development. Aggregate production is expected to stabilise between 2015 and 2018 with more than 75% of output from Akzhar. Production at the core field has declined but is expected to rebound slightly in the next few years. The other three fields lie remote from Akzhar in an area closer to Atyrau. All four fields exploit shallow reservoirs and were discovered more than 50 years ago. However they have only been developed since 2000. The operator previously thought there to be deeper potential on its acreage notably on the Alimbai block. However no further discoveries have been made and the exploration periods of all four licences have now expired. Alimbai was the last to enter the production phase with its development plan approved in January 2014.