By OGJ editors
HOUSTON, Sept. 8 -- Tethys Petroleum Ltd., Guernsey, UK, signed a memorandum of understanding under which Tethys and state owned Uzbekneftegaz will jointly study opportunities to improve hydrocarbon recovery from certain long-term production fields in Uzbekistan.
Any selected field would be subject to a contractual arrangement similar to the one under which Tethys has operated North Urtabulak field for 10 years. Under this contract, Tethys is allocated refined products for the oil it produces and sells these on the export market in US dollars.