Tethys Signs MoU With PetroChina for Oil, Gas Deliveries

Central Asia and Caspian focused Tethys Petroleum Limited on Monday announced it has signed Memorandum of Understanding (MoU) with PetroChina.

The MoU signed with PetroChina would explore the feasibility of a long-term and mutually beneficial cooperation in natural gas and crude oil deliveries, the company said.

John Bell, Executive Chairman of Tethys, said: “The signing of the MoU with PetroChina is another key step toward selling gas into the growing Chinese market and follows on from our recently published new independent reserve report stating an increase in our reserves in all categories.”

Tethys added that in Kazakhstan work is about to commence on the AKK14 and AKK05 workovers which are anticipated to be brought on stream in second quarter of 2015 and increase production to a planned level above 570 mcm/day.