Tethys Petroleum to invest US$24.4m to Chegara project
08/04/2013 11:24
Tethys Petroleum to invest US$24.4m to Chegara project
08/04/2013 11:24
Tashkent, Uzbekistan (UzDaily.com) -- Tethys Petroleum Ltd. will invest about US$24.4 million to development of Chegara field in Kashkadarya region of Uzbekistan by 2016.
The project was included to the investment programme for 2013 and it envisages to increase oil production at the field, EnergoNews reported.
Tethys Petroleum and Uzbekneftegaz signed a contract on increasing oil production at Chegara field in May 2012. Within the project, it is planned to carry out a programme of drilling, including with use of horizontal approach. According to the Uzbek side, the project will allow to produce 390 tonnes of oil a day.
Tethys Petroleum is also implementing a project on increasing liquid hydrocarbon production at Northern Urtabulak in Kashkadarya region.
In 2010-2011, the company carried out horizontal drilling at the field to increase mining volume. At the moment, the company produces 1,500 barrels of oil a day.
In February 2010, Uzbekneftegaz and Tethys Petroleum signed a memorandum of cooperation, which envisages increasing oil production in existing projects and exploring perspective fields.
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