Total Acquires 33% Stake in Bokhtar Basin, Tajikistan

France's Total acquired a 33% stake in Bokhtar Production Sharing Contract in Tajikistan from a subsidiary of Tethys Petroleum, an independent oil and gas company operating in Central Asia, reports a note released on Tuesday. 

The French oil company, one of the world's six supermajors, finalized the agreement with Tethys Petroleum and China National Petroleum Corp. (CNPC) to develop petroleum assets in the 36,000 square kilometers area in the Afghan-Tajik basin, 300 kilometers from the border with China.

"Operations will be conducted jointly, through an operating company, Bokhtar Operating Company (BOC)," reads the note, adding that "BOC will launch in the coming weeks a large seismic campaign covering the .. area, and should decide on a first exploration well by end 2014."  

The signing ceremony took place in Tajikistan on Tuesday. The transaction has been approved by the Tajikistan Government.

“This acquisition is aligned with our bolder exploration strategy and positions the Total group in one of the world’s most prolific gas basins,” said Michael Borrell, Senior Vice President, Continental Europe Central Asia, Total Exploration & Production.

"The partnership between Total, CNPC and Tethys is particularly well equipped to conduct successful exploration and potentially develop a value-creating project,” concluded Borrell.