Kazakhstan extends Tethys' Kul-Bas exploration, production contract by 2 years

Source: Tethys Petroleum

Tethys Petroleum Limited revealed that the Ministry of Oil and Gas of the Republic of Kazakhstan (MOG) has agreed to extend the Exploration Period for the Company's Kul-Bas Exploration and Production Contract by a further two years until November 11, 2013. Suitable amendments will now be made to the Contract.

The Kul-Bas contract area (which currently covers an area of 7,632 km2 (1.9 million acres)) surrounds the Akkulka contract area where the Company has recently made the AKD01 "Doris" oil discovery and where work is currently underway to appraise this oil discovery and explore the surrounding area. 

The original Contract terms involved a 6-year exploration period with relinquishments (after which all areas outside commercial discovery areas would be relinquished) and a 19 year production period, which could be extended. The extension to the exploration period gives Tethys an additional two years to explore this attractive area that has several prospects and leads and with a proved oil system in the Akkulka block which is surrounded by the Kul-Bas area. 

George Mirtskhulava, Head of Tethys' Kazakhstan Business Unit, commented: "I am very pleased that the Ministry of Oil and Gas continue to support Tethys' exploration efforts in signing the Kul-Bas Exploration Contract Extension. This represents the second contract extension that Tethys has received this year (the first being the extension of the Akkulka Exploration Contract in June) and demonstrates the ongoing support which the Kazakh authorities show to oil and gas companies who meet their contractual commitments." 

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. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs