Oil production at Kazakh Doris oil field increased
Central Asian oil and gas company Tethys Petroleum Limited
substantially increased oil production and revenue from the Doris
oil field in Kazakhstan in January-September, the company reported
on Thursday.
Meanwhile, the company's corporate administrative costs over the
same period slightly decreased.
"It is forecast that both these trends will continue into the forth
quarter of 2012," the company said.
On the revenue side both October's and November's average oil
production figures have so far contributed toward the best quarter
of oil production in Kazakhstan to date. October oil production
averaged approximately 3,700 barrels of oil per day and it is
forecast that Novembers' production figures will exceed this
number.
"These figures demonstrate the optimization of the trucking
operation in Kazakhstan is coming to fruition which has been the
main restriction on maximum production to date, not the production
capability of the wells," the company said.
The company's costs decreased in the third quarter of 2012 by 22
percent compared to the second quarter.
"This cost reduction exercise does not in anyway reflect the growth
prospects of the company which, as can be seen from the higher
production and revenue growth in Kazakhstan and the recent signing
of the MOU for a Tajikistan farm-in partner," the company said.
Tethys Petroleum Limited is an oil and gas exploration and
production company currently focusing on Central Asia with projects
in oil-rich Kazakhstan, Tajikistan and Uzbekistan. It is the only
independent oil and gas company operating in all three
countries.