• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 26 mins WTI @ $75.75, headed for $64 - 67
  • 48 mins Trump vs. MbS
  • 10 hours The Dirt on Clean Electric Cars
  • 1 min Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 19 mins These are the world’s most competitive economies: US No. 1
  • 16 hours Uber IPO Proposals Value Company at $120 Billion
  • 7 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 6 hours EU to Splash Billions on Battery Factories
  • 20 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 11 hours Coal remains a major source of power in Europe.
  • 7 hours Poland signs 20-year deal on U.S. LNG supplies
  • 23 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 17 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
Alt Text

Petronas Halts all Imports of Iranian Crude in South Africa

Engen, a South African based unit of Petronas, has announced that it has halted all crude imports from Iran, which used to account for 80 percent of

Read more +
Alt Text

Acquisition of Maari 3D Seismic Survey Commences

Cue energy has just released good news regarding permits for projects in New Zealand

Read more +
Alt Text

Environmental Approval Extended for Tassie Shoal LNG Project

MEO Australia Ltd has just received environmental approval for its Tassie Shoal LNG project.

Read more +

Tethys Petroleum Opens New Oil Storage Facility in Kazakhstan

Central Asian focused oil company Tethys Petroleum Limited (TSX: TPL) today announced the official inauguration of its Aral Oil Terminal - a new oil storage and rail loading facility for oil shipments from the Company's Doris oilfield into the Kazakh rail system.

The Aral Oil Terminal will significantly reduce the distance oil has to be trucked from their Doris oil field. The opening of the terminal will allow the Company to initially double production to approximately 4,000 barrels of oil per day ("bopd") due to a halving of the road trucking distance. Furthermore, the current rail loading point at Emba experiences bottlenecks due to overuse by many different companies; the AOT will be dedicated to Tethys oil sales. The opening of the AOT will thus reduce transportation costs significantly and will result in an increased realised oil price. The recent acquisition of additional road trucks means that 240 are now in daily operation.

To date, over 13,000 bopd have been tested from exploration and appraisal wells in and around the Doris accumulation. This is the first stage of the AOT, and it is planned to expand the facility to 12,000 bopd in the upcoming year. In addition to a rail loading facility the terminal will provide a closer offloading point for refined oil products, equipment and materials required on the Doris exploration and appraisal programme which in turn will result in significant cost savings to the Company.

The AOT is owned and operated jointly through a 50:50 joint venture by Tethys and its Kazakh oil trading partner's company, Olisol Investment Ltd. At the inauguration ceremony both Tethys and its partner were present, together with local and regional officials. First commercial shipments through the AOT are expected in February of this year.

More information on Tethys Petroleum can be found here.

Oilprice - The No. 1 Source for Oil & Energy News