Total, CNPC Join Tethys Petroleum in Tajikistan Exploration
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Total SA and China National Petroleum Corp. agreed to join Tethys Petroleum Ltd., an explorer focusing on Central Asia, to search for oil and gas in Tajikistan. Tethys shares jumped.
Total and China National Oil and Gas Exploration and Development Corp., a unit of CNPC, will each hold a third of the Bokhtar project, Tethys said today in a statement. The new partners will pay about $60 million to Tethys to refund about two-thirds of historical costs and will carry some of its future spending.