Total Acquire 33,335% Interest in Bokhtar PSC in Tajikistan

Source: www.gulfoilandgas.com 6/18/2013, Location: Asia

Total E&P Tajikistan B.V., a subsidiary of Total announces today the finalization of the acquisition of an interest in the Bokhtar PSC in Tajikistan, from Kulob Petroleum Limited, a subsidiary of Tethys Petroleum Limited, and jointly with CNPC Central Asia B.V., a subsidiary of CNPC. Total E&P Tajikistan B.V. and CNPC Central Asia B.V. will each hold a 33.335% interest in the PSC, while Kulob Petroleum Limited will retain a 33.33% stake.

This transaction has been approved and supported by the Tajikistan Government. The Bokhtar PSC covers an area of 36,000 square kilometers at the northern end of the prolific Afghan-Tajik basin. A number of large gas discoveries have already been made in the adjacent Amu Darya basin’s Jurassic carbonate reservoirs. The PSC area is 300 kilometers from the border with China, and therefore strategically positioned to supply world class markets.

Operations will be conducted jointly, through an operating company, Bokhtar Operating Company B.V. (BOC). BOC will launch in the coming weeks a large seismic campaign covering the PSC area, and should decide on a first exploration well by end 2014.

The signing ceremony took place in the Presidential Compound in the presence of the Prime Minister Okil Okilov, the Minister of Energy and Industry Gul Sherali, Mr. Bo Qiliang, President of CNODC and Vice-President of Petrochina, Mr. Michael Borrell, Senior Vice President Continental Europe and Central Asia of Total and Dr. David Robson, Executive Chairman and President of Tethys Petroleum Limited.

“This acquisition is aligned with our bolder exploration strategy and positions the Total group in one of the world’s most prolific gas basins,” said Michael Borrell, Senior Vice President, Continental Europe Central Asia, Total Exploration & Production. “The partnership between the Total, CNPC and Tethys groups is particularly well equipped to conduct successful exploration and potentially develop a value-creating project.” Mr Bo Qiliang, President of CNODC and Vice-President of Petrochina said: “CNPC, as the world’s 5th largest oil company, has advanced exploration and development technology, and accumulated a wealth of experience in exploration and development in Central Asia. We are very willing to work with the Tajik Government and partners to promote the oil industry development in Tadjikistan.“

Dr David Robson, Executive Chairman and President of Tethys, said: “This is a fantastic deal both for Tajikistan and for Tethys. We believe the Bokhtar PSC is a world class asset with enormous potential. The strengths brought to this project by our new partners, Total and CNPC, means we are in a position to explore and develop rapidly this potential using all available techniques and technologies and with the financial strength to maximize success. This is a great day!”


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