Azernews.Az

Tethys Petroleum Limited, the oil and gas exploration and production company focused on Central Asia, has doubled the net price of gas, which it is selling in Kazakhstan, the company said on Thursday, Trend news agency reported.

The company's subsidiary TethysAralGas LLP signed two contracts with Kazakh state company for gas supply from Kyzyloi and Akkulka fields.

"The contract is for annual volumes of up to 150 million cubic meters at an increased net price of $65 per 1,000 cubic meters ($1.84 per 1,000 cubic feet) of gas ($72.8 per 1,000 cubic meters or $2.06 per 1,000 cubic feet including VAT) net of marketing and distribution costs, and runs through to December 31, 2013," the company said.

Former net price for the gas from Kyzyloi and Akkulka fields amounted to $32.5 per 1,000 cubic meters including VAT.

Currently the company produces 430,000 cubic meters (15.2 million cubic feet or 2,530 barrels of oil equivalent) per day.

Further production increases achievable through the tie-in of other already drilled wells, and targeting shallow gas prospective resources, the company said.

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