BEIJING, CHINA–Tethys Petroleum Ltd. (TSX: TPL) has signed a Memorandum of Understanding with Holding Energy Petroleum Engineering Technology (Beijing) (HOPEC) for HOPEC to assist in introducing Tethys to Chinese State oil companies and investors to open discussions for those entities to farm-in to Tethys' assets in Tajikistan.
Tethys is currently seeking a farm-in partner for its assets in Tajikistan and currently has a data room open in London as part of the farm-out process. The companies are also looking to establish a farm-out data room in Beijing in the near future.
According to the company website, Tethys currently holds 35,000 sq. km of exploration acreage in Tajikistan.
HOPEC has broad resources in the petroleum industry of China and experience in this area and specifically with Chinese State oil and gas companies, and has worked with Tethys on supply of equipment to certain of Tethys' projects in Central Asia. HOPEC is a full services petroleum exploration, technology development and equipment manufacturing company.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan.
Two oil and gas basins exist in Tajikistan. In the north, the Fergana Basin has produced oil since 1900 and although the shallower potential is now limited, deeper potential still exists in this basin.
In the south west of the country lies the Tajik-Afghan Basin, an extension of the prolific Amu Darya Basin. The Amu-Darya Basin has giant and supergiant fields in Turkmenistan and Uzbekistan and some of the largest fields in the world including the South Yolotan field in Turkmenistan, which is one of the five largest gas fields in the world. The Tajik portion of this basin offers similar geology and reservoirs. Tethys Petroleum is the first independent oil and gas exploration and production company to work within the Tajik portion of these basins.
Lack of investment in post-Soviet times has precluded any active exploration programs in Tajikistan.
Source: Tethys Petroleum