Tethys Petroleum (TPL) has signed a protocol of intent (POI) with Uzbekistan-based national holding company Uzbekneftegaz (UNG), to carry out exploration work on the Bayterek block in the North Ustyurt Basin in northern Uzbekistan.
Both firms plan to execute an exploration agreement in accordance with the legislation of the Republic of Uzbekistan and intend to complete negotiations after approval of the exploration programme by the government.
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TPL and the Institute of Geology and Exploration of Oil and Gas Fields of UNG have developed an exploration programme for the Bayterek block.
Tethys Petroleum executive chairman and president David Robson said the signing of POI is a crucial step with Uzbekneftegaz, and allows them to work together to explore the north-west of Uzbekistan.
"We believe this area has great exploration potential and we look forward to using our working knowledge of the area to best exploit this attractive block," Robson added.
The company has oil and gas exploration and production activities in Central Asia, which include Republics of Kazakhstan, Tajikistan and Uzbekistan.
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By GlobalDataIn October 2012, Kulob Petroleum, a subsidiary of Tethys Petroleum signed the Bokhtar production sharing contract (Bokhtar PSC) located in Tajikistan, with an unnamed international oil and gas company.
Tethys Petroleum said the Bokhtar PSC was first signed in 2008 for a period of 25 years.
It covers an area of about 35,000km² in the Afghan Tajik portion of the Amu Darya basin, west of the Pamir Mountains.
Image: Tethys Petroleum will carry out exploration work on the Bayterek block in the North Ustyurt Basin of Northern Uzbekistan. Photo: Courtesy of Alan Murray-Rust.
