Total, CNPC units take Tethys Tajikistan farmout

Subsidiaries of Total SA and China National Petroleum Corp. have taken a farmout from a Tethys Petroleum Ltd. subsidiary on the large Bokhtar production sharing contract area in Tajikistan.

The 8.65 million acre PSC in the Afghan-Tajik basin will be operated by a joint operating company to be set up and owned by Tethys unit Kulob Petroleum Ltd., Total TUP Tajikistan BV, and China National Oil & Gas Exploration & Development Corp. (CNODC) in proportion to their equal ownership in the PSC. Tethys Petroleum owns an indirect 85% controlling interest in KPL.

The $80 million initial work program is expected to comprise further seismic shooting and a deep exploratory well. Further details are to be made public in the first quarter of 2013. KPL will be partly carried on the initial work program for an $8.9 million funding obligation.

KPL will receive 66.67% of back costs amounting to a $60 million cash payment on completion. As Tethys Petroleum has almost solely funded the project to date, monies received by KPL from this transaction will first be used to repay loans to Tethys. The Tajikistan government is to confirm the exact amount.

The farmout is subject to final Tajik governmental approvals and state consents. Closing will take place once these approvals and all other conditions are satisfied and is expected to take place in the first quarter of 2013.

Tethys Petroleum noted that the Amu-Darya basin in neighboring Uzbekistan and Turkmenistan contains some of the world’s largest gas and gas-condensate fields and that the same reservoirs have never been drilled in the basin’s Afghan-Tajik extension in southwestern Tajikistan.

Related Articles

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/24/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

Statoil makes gas find on flank of Visund field in North Sea

03/24/2014 Statoil Petroleum AS has made a natural gas discovery on the northeast flank of Visund field in the northern part of the North Sea, the Norwegian P...

CNOOC makes natural gas discovery in Bohai Bay

03/24/2014 CNOOC Ltd. has made what it describes as a “mid-sized” natural gas discovery in the Bozhong 22-1 structure in the south-central region of Bohai Bay.

Tethys reports second successful gas well in Kazakhstan

03/20/2014 Tethys Petroleum Ltd. reported the success of the second shallow gas exploration well of its 2014 program on the Akkulka block in the Caspian regio...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected