Tethys Petroleum doubles price of gas in Kazakhstan

Tethys Petroleum has doubled the net price of gas sold in Kazakhstan, the company announced Thursday.

Tethys Petroleum has doubled the net price of gas sold in Kazakhstan, the company announced Thursday.

The new gas price after marketing and distribution costs is $65, or $72.8 including VAT, per thousand cubic meters.

The price hike comes as its subsidiary TethysAralGas signed two gas contracts with Intergas Central Asia for the Kyzyloi and Akkulka natural gas fields.

The company will supply up to 150m cubic metres at an increased price of $65 per thousand cubic metres through to December 31st.

Current total production in the area is 430,000 cubic metres or 2,530 barrels oil equivalent per day.

"A number of additional shallow gas prospects and leads have been identified based on seismic data as well as deeper potential," Tethys said in a statement.

"It is forecast that production can be significantly increased through the tie-in of already drilled wells that have not been produced to date, and through exploring for more gas. Of the last 13 shallow exploration wells drilled by Tethys in the Akkulka Block, 11 tested commercial gas."

Shares jumped 4.35% to 36.00p at 13:36 Thursday.

RD

Recommended

Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022
Why you should short this satellite broadband company
Trading

Why you should short this satellite broadband company

With an ill-considered business plan, satellite broadband company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022
Share tips of the week – 23 September
Share tips

Share tips of the week – 23 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Sep 2022
Momentum investing – and why price matters more than anything else
Investment strategy

Momentum investing – and why price matters more than anything else

The recent fashion for momentum investing, with investors piling into expensive growth stocks, is nothing new, says Merryn Somerset Webb. And the dang…
21 Sep 2022

Most Popular

Could gold be the basis for a new global currency?
Gold

Could gold be the basis for a new global currency?

Gold has always been the most reliable form of money. Now collaboration between China and Russia could lead to a new gold-backed means of exchange – g…
22 Sep 2022
Share tips of the week – 23 September
Share tips

Share tips of the week – 23 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Sep 2022
Paypal, bitcoin, and the weaponisation of money
Bitcoin & crypto

Paypal, bitcoin, and the weaponisation of money

Recent events have shown how both business and governments can “weaponise” money and shut down dissent. What to do? Buy bitcoin, says Dominic Frisby.
22 Sep 2022