British Isles-based oil and gas exploration and production company Tethys Petroleum has announced that it has doubled the net selling price of gas in Kazakhstan.
The revised gas price, after marketing and distribution costs, will be $65, $72 after VAT is included, per 1,000 cubic metres.
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Tethys said the previous price was $32, including VAT, for oil from the Kyzyloi and Akkulka Fields.
Current total production of the fields is 430,000m³ per day, which includes 15.2 million cubic feet or 2,530 barrels of oil equivalent.
Tethys intends to increase the production further through the tie-in of already drilled wells and target shallow gas prospective resources.
The company’s net proved and probable gas reserves from the fields include 2.1 billion cubic metres or 73.8 billion cubic feet, while net mean unrisked prospective gas resources include 18 billion cubic metres and 634 billion cubic feet.
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By GlobalDataThe new Kazakhstan-China gas trunkline, which is currently under construction will pass through Tethys’ contract areas and will add further benefit to the existing pipeline, upon completion.
TethysAralGas, a wholly-owned Kazakh subsidiary of Tethys, has signed an agreement with Intergas Central Asia, a wholly-owned subsidiary of KazTransGas for the Kyzyloi and Akkulka natural gas field development.
The contract is for annual volumes of up to 150 million cubic meters, which include an increased net price of $65 per 1,000m³ of gas.
Tethys has drilled 13 shallow exploration wells in the Akkulka Block, of which 11 tested commercial gas, while additional shallow gas prospects and leads have been identified based on seismic data.
Image: Tethys has doubled net selling price of gas in Kazakhstan. Photo: courtesy of Ruhrfisch.
