News 2024
#2 (68), April 2011Теthys Petroleum
On February 21, Tеthys Petroleum Limited (Теthys) declared that its 100 % subsidiary in Kazakhstan, TethysMunayGas, signed an agreement on JV to build and operate the railway oil terminal in Kazakhstan (further, Terminal). The enterprise in equal shares (50/50) will belong to Теthys MunayGas and its new local partner, Eurasia Gas LLP, having huge experience in distribution of oil in Kazakhstan.
Within the first stage of oil production, Теthys is currently selling crude from the well АКD01, under the early oil production scheme. Oil is delivered by oil carriers to the facility near Emba located in 430 km from the well, where it is subject to processing and then is transported to local oil refineries. This initial oil scheme was accepted for rapid mobilisation of money flows and for gaining experience in oil transportation in the region amounting to 750 barrels of oil a day.
At present, infrastructure for the second stage of oil production is being established on the field with the purpose to provide its conformity to technical requirements of oil refineries and to increase the volume of production from the well. Construction of the terminal will considerably reduce a transportation distance and operational costs, will increase profits and reduce the number of tankers needed to transport such volumes of oil. Infrastructure for the second stage of oil production and the terminal is planned to put into operation by June 2011.