Uzbekistan, Tashkent, Nov. 22 / Trend D. Azizov /
British-Canadian Tethys Petroleum Company and the National Holding Company Uzbekneftegaz signed a memorandum of understanding providing for new contracts to increase the production rate in two oil fields - Chegara and West Kruk in Uzbekistan, Tethys said.
The company said that the signed document shows the agreed timetable for the negotiations on two new contracts for the period till May 1, 2012.
It is expected that these contracts will be similar to the terms of those relating to the North Urtabulak field concluded by Tethys. It has been successfully operating for nearly 10 years, the report said.
The Institute of Geology and Exploration of Oil and Gas Fields under Uzbekneftegaz and Tethys Petroleum signed a cooperation agreement providing for exploration work on a number of fields in the Ustyurt region (north-west of Uzbekistan) in May this year.
The Tethys Petroleum Company deals with the exploration and development of oil and gas in Central Asia.
Kulob Petroleum, which is one of Tethys's subsidiaries, had the right to work on 56 areas of Tajikistan in June 2008. Five gas fields with reserves of 1.5 trillion cubic metres are among them. This figure hits 50 per cent of the country's total gas reserves.