Tethys Petroleum Limited's strategy is to create shareholder value by building an oil and gas exploration and production company focused on Central Asia in areas with substantial oil and gas potential, building on the strengths of its management team and with a mix of short-term cash flow and upside potential. Currently Tethys has projects in Kazakhstan, Tajikistan and most recently Uzbekistan. Tethys is listed on the Toronto Stock Exchange in Canada and on the Kazakhstan Stock Exchange (KASE: GG_TPL_)
Tethys signs document of understanding with Uzbek state company for Uzbekistan oil fields
8th Sep 2010, 6:53 pm
Oil and gas exploration and production company Tethys Petroleum (TSX:TPL) has signed a Memorandum of Understanding (MOU) with the Uzbek State oil and gas company, National Holding Company Uzbekneftegaz (UNG), as a first step to acquiring and developing additional long-term production oil fields in the Republic of Uzebekistan.
The document states that Tethys and UNG will conduct joint studies to determine the possibilities of improving hydrocarbon recovery on these fields in order to then sign a contract.
The contract is expected to be similar in nature to that of the Production Enhancement Contract (PEC) that Tethys has over the North Urtabulak Field in Uzbekistan that has operated for some 10 years now.
Under this contract, Tethys is allocated refined products for the oil it produces and sells these on the export market in United States dollars.
“This MOU is a key step forward and we believe that Tethys is now in a strong position to obtain additional fields which we could develop in parallel with our existing producing oil field, North Urtabulak, thereby increasing our short to medium term oil production base in Uzbekistan,” said chief commercial officer and Uzbekistan regional manager of Tethys, Julian Hammond.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan.
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