The MoU will provide a framework for a joint study and the negotiation process for an exploration deal relating to certain exploration blocks in Uzbekistan’s North Ustyurt basin.
Tethys CEO David Robson said the MoU is an excellent step forward with Uzbekneftegaz to potentially work together on exploring the North Ustyurt basin in Uzbekistan.
"We believe that our extensive modeling of the Doris oil discovery and surrounding area can be very useful if applied to the Uzbek portion of the basin which we believe has very similar geological characteristics and excellent oil and gas prospectivity," Robson said.
Tethys is focused on oil and gas exploration and production activities in Central Asia, with activities currently in Kazakhstan, Tajikistan and Uzbekistan.
