DUSHANBE, September 4, 2008, Asia-Plus — Canada”s Tethys Petroleum Limited (Tethys), an independent upstream energy firm with a focus on Central Asia, is currently working on partially tackling problems of oil and natural-gas supplies to Tajikistan during the winter months.
Dr David Robson, Chairman, President and Chief Executive Officer of Tethys, told Asia-Plus yesterday afternoon that the company intends to launch geological survey of a number of oil and gas areas in Tajikistan.
We will recall that Tethys signed a deal with Tajikistan on June 13, 2008 to develop 56 prospects in the country, including five natural-gas fields – Khoja Sartez, Uzunakhor, Pushiyon, South Pushiyon and Beshtenchak – in southern Tajikistan.
The production sharing deal gives Tajikistan 30 percent of output at the first stage and 50 percent once Tethys recovers its costs.
According to Dr. Robson, Tethys has already got permission for exploration of all prospects and an intensive geological program and rehabilitation of the old gas fields will be launched soon.
The Tethys top manager noted that necessary equipment for conducting geological survey and rehabilitating old gas fields will be delivered in Tajikistan within the next few days.
“The estimated budget for geological survey and rehabilitation works for the next twelve months will be US$20 million; US$10 million of this amount will be spent for conducting geological survey at the prospects,” Mr. Robson said.
He also noted that the company intends to provide one of Tajikistan’s districts with natural gas before the end of this year. The company is currently working in several directions and one of them is in partially tackling problems of oil and natural-gas supplies to Tajikistan during the winter months. According to him, the company’s research team is currently considering several alternatives how to quicker and easier produce natural gas. “We now have two alternatives – the Komsomolskoye field near Dushanbe and the gas field in the Kulob region,” said Dr. Robson, “May be production of gas at both fields will start simultaneously.”
Commenting on Russian President Dmitry Medvedev’s statement that Tajikistan will be provided with its own natural gas in 2-2.5 year, the Tethys chief executive officer said that it is possible but most likely in 3-4 years.
On the competition on oil-and-gas market in Tajikistan, Dr. Robson said that he welcomes competition on this market. “It is good when many companies work in one country because there is an opportunity for exchange of information,” said he. “If Gazprom (Russian state-controlled gas company) manage to produce anything, it will be a signal to us that we will also manage to find anything.”
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in Kazakhstan and more recently Tajikistan.
This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits. This fits the Tethys strategy to seek out large exploration acreage in relatively under-explored basins that offer large potential upside, combined with proven oil and gas projects that offer early cash flow. In Kazakhstan its current development and exploration assets are located close to the Aral Sea in western Kazakhstan adjacent to the prolific Pre-Caspian basin.
Tethys’ shareholders include large North American and European financial institutions.
