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Kazakhstan draws more oil interest

July 30, 2013 at 9:14 AM   |   Comments

ALMATY, Kazakhstan, July 30 (UPI) -- Two reserve areas in Kazakhstan may hold a combined 36 million barrels of recoverable oil resources, a company focusing on Caspian reserves said.

Tethys Petroleum Ltd. said it was planning to drill two new wells at the same time as part of a work program in Kazakhstan expected to run through the year.

The company said its Doto prospect may hold as much as 22 million barrels of recoverable oil resources. The Dexa drilling prospect is estimated to contain 14 million barrels of oil reserves.

Well operations at the prospects are scheduled for September. The company said it may take as long as 70 days to complete the work.

"We are excited to announce this accelerated and fully funded drilling program in Kazakhstan through the first half of 2014," Tethys President David Robson said in a statement Monday.

Rival company Max Petroleum, which has headquarters in London, said in April it estimated the reserve potential at the Uytas field in Kazakhstan at 778 million barrels of oil

Kazakhstan hosts the Kashagan oil field, one of the largest in the world, with as much as 16 billion barrels of estimated commercial reserves.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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