Uzbekistan, Tashkent, April 9 / Trend D.Azizov /
Tethys Petroleum Ltd registered in Guernsey (Channel Islands) has launched a project to enhance oil recovery in the Chegara field in the Kashkadarya region (south of Uzbekistan), a source at the Uzbekneftegaz National Holding Company (NHC) told Trend on Tuesday.
The source said Uzbekneftegaz and Tethys signed a contract for the implementation of this project in May last year which provides for the implementation of drilling, including the use of horizontal penetration that covers the period up to 2020.
The total volume of Tethys' investments in the project will total $24.4 million.
According to the Uzbek side, the designed capacity of production from the field could reach around 390 tons per day.
In November 2011, Uzbekneftegaz and Tethys Petroleum signed a letter of intent providing for the conclusion of two new contracts to increase the production rate at two oil fields of Chegara and West Kruk in the Kashkadarya region.
Currently, Tethys Petroleum is implementing a project to increase the production of liquid hydrocarbons in the North Urtabulak field in Kashkadarya.
In 2010-2011, the company carried out drilling of horizontal wells in the field to increase production. The drilling contractor is Chinese Xibu Drilling. Currently the North Urtabulak field produces about some 1.5 million barrels of oil per day.
The Chegara and West Kruk fields are in the same area as the North Urtabulak, Chegara, complex of fields and are less developed than the former.
Tethys Petroleum explores and develops oil and gas in Central Asia.