Central Asian oil company’s oil & gas output down
Baku, Azerbaijan, Aug. 17
By Elena Kosolapova – Trend:
Oil output of the Tethys Petroleum Limited, oil and gas exploration and production company focused on Central Asia and the Caspian region with projects in Kazakhstan, Tajikistan and Georgia, reduced to 965 barrels per day (bpd) in 2Q 2016, reads the company’s press release published on the website of the Kazakhstan Stock Exchange (KASE) Aug. 17.
The company’s oil production in the same period of 2015 was 1,954 bpd.
Tethys Petroleum’s gas production reduced to 2,312 barrels of oil equivalent per day (boepd) in 2Q 2016 as compared to 3,250 boepd in 2Q 2015.
The company’s revenues from oil and gas sales decreased by 48 percent to $3.5 million in 2Q 2016 as compared to the same period of 2015.
Meanwhile, production costs decreased by 68 percent to $1.3 million.
Tethys Petroleum’s loss reached $4.9 million in 2Q 2016.
Capital expenditures declined by 92 percent due to lower expenditures in exploration and development in Kazakhstan as well as in Tajikistan.
Edited by EA
Follow the author on Twitter: @E_Kosolapova