BAKU, Azerbaijan, September 13
By Nargiz Sadikhova - Trend:
Tethys Petroleum Limited, which operates in Kazakhstan and Georgia, is applying for a pilot license to produce oil from the Klymene field, Trend reports citing the company.
The production area classified as C-1 includes three wells (KBD-02, KBD-06, and KBD-07). Other Klymene wells outside of this area are considered exploratory and are able to produce for 90 days per zone under the testing procedure. After the test period, the wells are then required to be shut in pending license approval. KBD-06 was recently completed with encouraging signs from the logs. The plan is to test this well when allowed upon the issuance of the pilot license. KBD07 has not been drilled but is expected to be spudded soon (along with KBD-08).
There are two primary Committee approvals necessary for the pilot license to be issued. The Committee has granted the first approval but reduced the allowed amount of production under the license to approximately 180,000 tons of oil during the pilot license period.
The company’s management estimates this production at approximately 395 tons per day during the period (ending December 31, 2022). This compares with the approximate 600 tons per day of production from KBD-02 on its test from the Lower Aptian zone.
Given the historical production rate exceeding the planned production rate and the addition of two additional wells to help supplement production, management and the board of Tethys feel confident in being able to produce the approved 180,000 tons.
Tethys has already sold approximately 38,000 tons in a recent presale of oil and will consider additional presales going forward. The 180,000 ton limit does not include or limit the production from the offset wells (such as KBD-03) that are considered exploratory
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Tethys believes that significant potential exists in both exploration and in discovered deposits in the area.
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