Tethys Petroleum Doubles Price of Gas it Sells to Kazakhstan

Tethys Petroleum, which focuses on oil and gas exploration and production activities in Central Asia, has announced that it has doubled the net price of the gas which it is selling in Kazakhstan.

The new price after marketing and distribution would be $65 per 1,000 cubic metres compared with previous price of $32.5, the company said in a statement. Currently the gas is being supplied from Kyzyloi and Akkulka Fields, which currently produce 430,000 cubic metres (15.2 million cubic feet or 2,530 barrels oil equivalent) per day.

Net Proved & Probable gas reserves from the fields are 2.1 billion cubic metres (bcm) or 73.8 billion cubic feet (bcf). The company said that further production increases is achievable through the tie-in of other already drilled wells, and targeting shallow gas prospective resources.

Of the last 13 shallow exploration wells drilled by Tethys in the Akkulka Block, 11 tested commercial gas. Tethys then suspended any further investment into gas development pending the realisation of a higher gas price which it has now achieved, company statement said.