Presidential approval has been issued to Tethys Petroleum for a production enhancement contract (PEC) for the Chegara group of oil fields in the the Bukhara-Khiva oil and gas region in southern Uzbekistan.
The proposal from UNG was agreed and adopted for the enhancement of liquid hydrocarbon production in the Chegara Group of fields by the companies Uzneftegazdobycha, Uznefteproduct and Chegara.
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The PEC will now be registered with the appropriate regulatory bodies in Uzbekistan, after which work is expected to commence.
According to the company, the declaration is set to take place within the next two months.
Tethys Petroleum executive chairman and president Dr David Robson said: "It was a great pleasure to receive confirmation of the Presidential approval for the Chegara PEC from UNG, and we look forward to commencing equity production from Chegara in the nearest future, this adding another cash flow stream to the Company’s portfolio from what we believe to be a significant asset with excellent potential."
The oil and gas exploration and production company Tethys Petroleum currently focuses on Central Asia with projects in Kazakhstan, Tajikistan and Uzbekistan.
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By GlobalData
