CNPC, Total Ask Tethys to Withdraw from Tajikistan Exploration Project

UK-based Tethys Petroleum said that it received a notice to withdraw from the Joint Operating Agreement and Shareholders Agreement relating to the Bokhtar PSC in Tajikistan. 

Tethys’ partners are CNPC Central Asia, and Total E&P Tajikistan. 

‘The notice of withdrawal was served on the basis that Tethys has not made the payment on October 9, 2015 for the September Cash Call (approximately US$1.28 Million) issued by the Bokhtar Operating Company. Tethys has also not made payment for the October 2015 Cash Call (approximately US$0.78 million)’ reads a note released on Monday. 

Total and CNPC asked Tethys to handle over its participating interest to Total and CNP In proportion to their respective interest, but Tethys said it is considering ways to maintain its share in the project. 

‘Tethys is considering its position under the JOA, the Contract and under applicable laws and equity and, as stated in its announcement on October 9, 2015, Tethys will use all commercially reasonable efforts to protect its interest in the Bokhtar PSC in Tajikistan.’