Wednesday, August 15, 2012 -
Canadian energy firm Tethys Petroleum posted a 93 percent increase in revenues in the second quarter of this year when compared to last year’s figures, the firm said in a Wednesday statement.
Revenue for the firm was listed as $102 million.
The boost came primarily from the start of commercial oil production at the Aral Oil Terminal in Kazakhstan, of which Tethys is a 50 percent partner. The firm’s latest resource report expects prospective oil resources to amount to 1.23 barrels of oil.
But a boost in potential Tajik resources also helped boost revenues. Gustavson Associates earlier this quarter informed Tethys that recoverable oil resources in its Tajik Bokhtar location could be 27.5 billion barrels of oil equivalent (boe).
Seismic testing on Bokhtar is slated to begin later this month, while drilling is expected to begin next year.
Tethys Petroleum has also signed a production enhancement contract for a field in Uzbekistan, called Chegara.