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Uzbekistan: Tethys eyes two redevelopment contracts

Tethys Petroleum Ltd. and Uzbekneftegaz will negotiate between now and May 1, 2012, for Tethys to obtain production enhancement contracts for West Kruk oil field and for the Chegara group of oil fields in Uzbekistan.

The company said the contracts are expected to be similar to the one under which it has operated North Urtabulak field for 10 years where Tethys is allocated refined products for the oil it produces and sells the products on the export market in US dollars. West Kruk and the Chegara group of fields are in the same area as North Urtabulak.

The Chegara group of fields is less developed than North Urtabulak, and Tethys believes that these fields have great potential for oil production in the short term.

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