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Tethys Petroleum to Invest $24.4 Mln in Uzbekistan

5 April 2013

en.ria.ru of 4/5/2013 - Tethys Petroleum Ltd will invest a total of $24.4 million in the development of oil fields in southern Uzbekistan by 2016, a source in the Central Asian country’s government told RIA Novosti on Friday.

“The project has been included in the investment program for 2013 and subsequent years,” the source said.

Last May, Tethys Petroleum, a company registered in Guernsey, the British Isles, signed a contract with the Uzbekneftegaz holding company to increase oil production at the Chegara field in south Uzbekistan’s Kashkadarya region.

The production target is 390 tons of oil a day, according to the Uzbek side.

Tethys Petroleum is also implementing a project to increase production of liquid hydrocarbons at the region’s Severny Urtabulak field, which currently produces about 1,500 barrels of oil a day.