Azerbaijan, Baku, Nov. 15 / Trend E. Kosolapova/
Central Asian Oil and Gas Company Tethys Petroleum Limited substantially increased oil production and revenue from the Doris oil field in Kazakhstan in January-September, the company reported on Thursday.
Meanwhile the company's corporate administrative costs over the same period slightly decreased.
"It is forecast that both these trends will continue into the forth quarter of 2012," the company said.
On the revenue side both October's and November's average oil production figures have so far contributed toward the best quarter of oil production in Kazakhstan to date. October oil production averaged approximately 3,700 barrels of oil per day and it is forecast that Novembers' production figures will exceed this number.
"These figures demonstrate the optimization of the trucking operation in Kazakhstan is coming to fruition which has been the main restriction on maximum production to date, not the production capability of the wells," the company said.
The company's costs decreased in the third quarter of 2012 by 22 percent compared to the second quarter of 2012 and by 8 percent compared to the third quarter of 2011.
"This cost reduction exercise does not in anyway reflect the growth prospects of the Company which, as can be seen from the higher production and revenue growth in Kazakhstan and the recent signing of the MOU for a Tajikistan farm-in partner," the company said.
Tethys Petroleum Limited is an oil and gas exploration and production company currently focusing on Central Asia with projects in oil-rich Kazakhstan, Tajikistan and Uzbekistan. It is the only independent oil and gas company operating in all three countries.
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