Central Asia-focused Tethys Petroleum announced Friday that its subsidiary TethysAralGaz has received permission from Kazakhstan’s government to extend the Kyzyloi Gas Production Contract for another 15 years to December 31, 2029.
The Kyzyloi contract area has also been increased by 56 percent to 110,950 acres and now encompasses a larger gas-bearing area. The area includes the successful AKK08 and AKK10 gas wells as well as the AKK05 well, which will be worked over later in the first quarter of 2015.
Tethys Executive Chairman John Bell commented in a company statement:
"This very important gas production contract extension follows on from the Akkulka Exploration Contract Extension earlier this month, and is another manifestation of the good working relationship that the company has worked hard to build up with the Kazakh authorities. We see very good growth potential in the gas business over next few years both in terms of pricing and volume and this approval of Kyzyloi for an additional 15 years provides a solid production base from which to achieve this growth."
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you