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Tethys exits from projects in Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) --
Tethys Petroleum Limited, the oil and gas exploration and production company focused on Central Asia and the Caspian Region, will exits its projects in Uzbekistan, the statement of the company said.
Tethys has made a corporate decision to exit Uzbekistan effective immediately due to recent changes in the business climate and political environment. It is expected to take up to three months to complete the process of exiting from the existing Production Enhancement Contract ("PEC") for the North Urtabulak field.
This strategic decision will allow Tethys to refocus capital to other countries of operation, progressing both exploration and production activities, the company said.
The company said that it will focus on developing its projects in Kazakhstan, Tajikistan and Georgia.
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