Tethys Petroleum opens oil production facilities in Kazakhstan

Tethys Petroleum (TSE:TPL) (LSE: TPL) said Tuesday that it has opened its Doris oil production facilities in Kazakstan.

Currently, oil is being trucked from the location at a rate of roughly 1,500 barrels of oil per day, but the Central Asia-focused oil and gas explorer said that this rate is set to increase to between 2,000 and 2,500 barrels of oil per day with the new facilities.

In addition a new rail-loading facility is due to open in the fourth quarter, which will reduce the trucking distance by half, leading to an anticipated increased 4,000 barrels per day.

"The increase in production capacity and the ability to produce refinery grade crude oil is crucial to the further development of the Doris oilfield," said chairman, president and CEO, Dr. David Robson.

"In addition to the increased sales volumes Tethys will also realise better margins. We would expect to see further production increases as we continue to expand the facilities and drill new wells on the Doris field."

The facilities were opened by Robson, together with the Deputy Governer of the Shalkar Region, and the Governer of Bozoi.

Tethys is focused on oil and gas exploration and production activities in Central Asia, with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan.