Baku, Azerbaijan, Oct. 13
By Elena Kosolapova - Trend:
Tethys Petroleum Limited may withdraw from a project for development of Tajikistan's large gas field Bokhtar.
Tethys has said in a message that on Oct. 11, it received a notice from CNPC Central Asia B.V. and Total E&P Tajikistan B.V. to withdraw from the joint operating agreement and shareholders agreement on the field's development project.
"The notice of withdrawal was served on the basis that Tethys has not made the payment on October 9, 2015 for the September Cash Call (approximately US$1.28 Million) issued by the Bokhtar Operating Company," said the company.
"Tethys has also not made payment for the October 2015 Cash Call (approximately US$0.78 million)," Tethys added.
Total and CNPC required Tethys' subsidiary - Kulob Petroleum Limited to completely withdraw from the joint operating agreement, and assign all of its participating interests, derived from the contract and the joint operating agreement, to them in proportion to their respective participating interests.
Tethys said it will use all commercially reasonable efforts to protect its interest in the Bokhtar Production Sharing Contract in Tajikistan.
Tethys, CNPC and Total each owns 33.335 percent of shares in the Bokhtar field in Tajikistan.
Edited by SI
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