Tethys Petroleum Exits Uzbekistan

Tethys Petroleum has announced that it will exit Uzbekistan.

The company says the decision was driven by to recent changes in the business climate and political environment.

“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 in a statement Thursday.

Tethys is focused on Central Asia and the Caspian Region.

"We now have negotiated partnerships in all three countries of focus; local partners in Georgia, a Chinese private equity fund in Kazakhstan, and CNPC and Total in Tajikistan. Through these diverse partnerships we have spread our risk and brought in significant funding to the Company, whilst maintaining a material interest in each area. Exiting Uzbekistan will allow us to now focus more on these three valuable assets," David Robson, Executive Chairman and President of Tethys, said.

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