Tethys, Uzbekneftegaz oil and gas companies sign Memorandum of Understanding
Azerbaijan, Baku, Feb. 1 / Trend E. Kosolapova/
Tethys Petroleum Limited and Uzbek State oil and gas company Uzbekneftegaz signed a Memorandum of Understanding, Tethys reported on Wednesday.
The Memorandum is aimed at providing the framework for a Joint Study and the negotiation process for an Exploration Agreement relating to certain exploration blocks in the North Ustyurt Basin of Uzbekistan.
"This Memorandum is an excellent step forward with our partners Uzbekneftegaz to potentially work together on exploring the North Ustyurt basin in Uzbekistan - a basin in which we have already had good exploration success," Chief Executive Officer of Tethys David Robson said.
According to Robson, extensive modeling of the Doris oil discovery and surrounding area developed by Tethys can be very useful if applied to the Uzbek portion of the basin which has very similar geological characteristics and excellent oil and gas prospectivity.
Tethys Petroleum Limited is an oil and gas exploration and production company currently focused on Central Asia with projects in oil-rich Kazakhstan, Tajikistan and Uzbekistan. It is the only independent oil and gas company operating in all three countries.