facebook
twitter
rss
account
search
search
 

Kazakh field, Klymene, said to hold 422 million barrels of oil

Jan. 17, 2014 at 7:54 AM   |   Comments

ASTANA, Kazakhstan, Jan. 17 (UPI) -- Tethys Petroleum said Friday its Klymene prospect in Kazakhstan has estimated oil reserves of more than 400 million barrels.

The company said an audit conducted by Gustavson Associates, a geology consultant in the United States, placed the reserve estimate of the prospect at 422 million barrels of oil.

Rosemary Johnson-Sabine, vice president of exploration for the company, said Tethys was "very pleased" with the assessment. Her company said exploratory drilling in the Klymene prospect is scheduled for later this year.

The Energy Information Administration, the U.S. Energy Department's statistical arm, said Kazakhstan is estimated to hold 30 billion barrels of proven oil reserves.

Tethys said it is focused on exploiting the oil and gas potential in the Caspian region, a "highly prolific" area that the company believes has "significant potential."

© 2014 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.
Most Popular
1
Fireball Cinnamon Whisky recalled in Europe for antifreeze ingredient Fireball Cinnamon Whisky recalled in Europe for antifreeze ingredient
2
Eni makes major oil find offshore Congo Eni makes major oil find offshore Congo
3
Elon Musk: We are 'summoning a demon' with artificial intelligence Elon Musk: We are 'summoning a demon' with artificial intelligence
4
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
5
U.S. sinks $25 million in funding for renewables U.S. sinks $25 million in funding for renewables
Trending News
Around the Web
x
Feedback