Total, CNPC to Open Offices in Tajikistan
Wednesday 17 April 2013
DUSHANBE (Universal News Wires) – French energy giant Total and China National Petroleum Corporation (CNPC) will open representative offices in Tajikistan, local media reported Wednesday. Top-level representatives of the energy firms met with Tajik Energy Minister Gul Sherali on Tuesday to discuss issues of cooperation in extracting oil and gas finds from the Central Asian state.
Total and CNPC are both working to develop Tajikistan’s southern Bokhtar deposit, which is estimated to hold 27.5 bln barrels of oil equivalent (boe). The energy firms inked a deal with Tethys Petroleum, which initially explored the deposit, earlier this month. The agreement is expected to be finalized in Q2 2013, Tethys said. The Tajik government has approved the participation of CNPC and Total and only the remaining points on the agreement need to be finalized.
The Chinese and French companies will each get a one-third stake in Tethys Petroleum’s Bokhtar project, which is thought to hold 27.5 bln boe, the Canadian firm said in a statement. Under the deal, the two oil majors will give $60 mln for back costs to Tethys’ unit in Tajikistan Kulob Petroleum (TKP), which retains a 33.33% stake.
Tethys Petroleum CEO Dr. David Robson said at the time of the Bokhtar finding that the Tajik deposit holds more energy potential than United Kingdom holdings in the North Sea.
In an earlier meeting with Tajik President Emomali Rahmon, Total Vice President Michael Borrell said the firm would invest $80 mln into exploration.