Kazakhstan, Astana, Aug. 25 / Trend S.Suleymanov /
Tethys Petroleum Limited will increase its investments in the Kazakh oil and gas sector to $300 million, Tethys Petroleum Limited President and CEO David Robson said today.
"Robson recently told a Kazakh diplomat that the explored potential of Central Asian oil and gas reserves is very promising in terms of development prospects," Kazakh Foreign Ministry spokesman Ilyas Omarov told Trend.
The company has already invested roughly $100 million in the Kazakh economy and expects to increase the figure to $300 million in the near future, he added.
Recently the Kazakh Oil and Gas Ministry gave permission to Tethys Petroleum Limited to extend its term of exploration in the Kul-Bas contract area by two years.
The term was extended until Nov. 11, 2013. The contract will be amended accordingly.
Kul-Bas covers an area of 7,632 square meters, and surrounds the Akkulka contract area where the company recently made the AKD01 Doris oil discovery. Work is currently underway to appraise the discovered reserves and explore the surrounding territory.
The original contract terms involved a six-year exploration period with relinquishments and a 19-year production period, with the possibility of extension.
Tethys Petroleum Limited focuses on oil and gas exploration and production activities in Central Asia with activities currently in Kazakhstan, Tajikistan and Uzbekistan.
Tethys operates in Kazakhstan through its subsidiaries Tethys Services Kazakhstan, BN-Munai, Kul-Bas and TetisMunaiGaz.
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