Tuesday, August 09, 2011
Tethys Petroleum Ltd.
Tethys announced the opening of its Doris oil production facilities in Kazakhstan.
Oil is currently being trucked from this location at a rate of approximately 1,500 barrels of oil per day ("bopd"), which will increase to 2-2,500 bopd with the new production facilities. With the opening of the new rail-loading facility in 4Q of this year, which will reduce the trucking distance by half, it is planned to increase production to 4,000 bopd. The production facility and terminal are designed for potentially much greater production rates in the future.
Dr. David Robson, Chairman, President and Chief Executive Officer of Tethys, who inaugurated the facilities together with the Deputy Governor of the Shalkar Region and the Governor of Bozoi, said, "This is an important step forward in the development of the Doris oilfield. The increase in production capacity and the ability to produce refinery grade crude oil is crucial to the further development of the Doris oilfield. In addition to the increased sales volumes Tethys will also realise better margins. Our Kazakh team have done a tremendous job in delivering this project on time and on budget, particularly in the remote location of Bozoi and I congratulate them on this important milestone. We would expect to see further production increases as we continue to expand the facilities and drill new wells on the Doris field. This is a great day for Tethys!"
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