Tethys Petroleum Ltd. completed a farm-out agreement, announced in December 2012, with subsidiaries of Total E&P and China National Petroleum Corp. (CNPC), whereby each company acquired a one-third interest in its Bokhtar production-sharing contract (PSC) in Tajikistan, Tethys said in a press release.
The Bokhtar PSC covers an area of approximately 35,000 sq km (13,514 sq miles) and contains approximately 27.5 Bboe of gross unrisked mean recoverable prospective resources, according to the press release. As part of the acquisition, the Tajik government also has added a further 1,186.4 sq km (458 sq miles) of highly prospective acreage, which was not previously included in the Bokhtar PSC, and has extended the first relinquishment period under the PSC by five years until 2020.
The signing ceremony in Dushanbe, Tajikistan, was attended by Gul Sherali, the minister of energy and industry of Tajikistan; Bo Qiliang, president of CNODC; Michael Borrell, senior vice president of continental Europe and Central Asia for Total; and Dr. David Robson, executive chairman and president of Tethys Petroleum Ltd.
The PSC is now held equally by the three partners who own approximately one-third of the project each, according to the press release. An operating company, the Bokhtar Operating Co., has been established and is jointly owned by the three partners.
Tethys’ subsidiary Kulob Petroleum Ltd., which holds the company’s interest in the Bokhtar PSC, receives some US $63 million relating to its past costs, according to the press release. It also has a part carry on an $80 million initial work program, whereby KPL contributes only $9 million toward this program.
Recommended Reading
Aethon Dishes on Western Haynesville Costs as Gas Output Roars On
2025-01-22 - Aethon Energy’s western Haynesville gas wells produced nearly 34 Bcf in the first 11 months of 2024, according to the latest Texas Railroad Commission data.
Comstock Doubling Rigs as Western Haynesville Mega-Wells’ Cost Falls to $27MM
2025-02-19 - Operator Comstock Resources is ramping to four rigs in its half-million-net-acre, deep-gas play north of Houston where its wells IP as much as 40 MMcf/d. The oldest one has produced 18.4 Bcf in its first 33 months.
Matador Touts Cotton Valley ‘Gas Bank’ Reserves as Prices Increase
2025-02-21 - Matador Resources focuses most of its efforts on the Permian’s Delaware Basin today. But the company still has vast untapped natural gas resources in Louisiana’s prolific Cotton Valley play, where it could look to drill as commodity prices increase.
DUCs Fly the Coop: Big Drawdowns from the Midland to Haynesville
2025-02-14 - The Midland Basin depleted its inventory of excess DUCs the most last year, falling from two months of runway to one during the past year, according to a report by Enverus Intelligence Research.
Operators Look to the Haynesville on Forecasts for Another 30 Bcf/d in NatGas Demand
2025-03-01 - Futures are up, but extra Haynesville Bcfs are being kept in the ground for now, while operators wait to see the Henry Hub prices. A more than $3.50 strip is required, and as much as $5 is preferred.