Kazakhstan Chamber of Commerce in the USA

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Tethys Petroleum has said it will simultaneously drill two deep exploratory wells in the Ustyurt basin in Kazakhstan. 0

Posted on September 04, 2013 by KazCham

Tethys Petroleum is going to use the funds it received from the recent farm-out agreement on its Bokhtar venture in Tajikistan to speed up its drilling program in Kazakhstan, the company said. This plans to start in early September using its own rig and take 70 days to drill to 3,500 meters. In Kazakhstan, Tethys Petroleum’s acreage is located in the northern part of the Ustyurt basin, a triangular shaped geological basin which lies just to the west of the Aral Sea. The company’s geological model for the area predicted that there may be a mature source rock in the east of the basin with migration of oil into structures on the basin flanks. Despite some exploration in the past, no commercial oil has been discovered so far. The new Kazakhstan-China gas pipeline under construction, which is planned to pass through Tethys’s contract areas, will provide an additional commercialisation route and offers potential further price upside, the company believes.

Business Intelligence from Colibri Law Firm: Issue #69



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