Tethys Petroleum

What Tethys Petroleum does

Tethys Petroleum Limited is a publicly listed upstream oil and gas company (TSX: TPL) focused on exploration and production in Central Asia, with all of its producing assets located in Kazakhstan. The company operates a portfolio anchored by the Kul-Bas oil field (with a 22-year commercial Production Period secured through July 2048), the Kyzyloi and Akkulka gas developments (21 wells producing approximately 231,000 m³/day into a major trunkline connecting to Central Asia and China), the Doris oil field (with over 4 million barrels produced from high-permeability Jurassic and Cretaceous reservoirs), the Dione discovery, and the Aral-4 exploration block where drilling is planned for May 2026.

The company uses conventional drilling and extraction technologies rather than proprietary digital or AI systems. Its technical differentiator is reservoir quality (permeability exceeding 1.0 Darcy) and the early-mover position of having drilled the first deep exploration well on the Akkulka block and being one of the first operators to develop dry gas in Kazakhstan.

Tethys generates revenue by selling crude oil (37-46 API, low sulfur) to approved domestic buyers and natural gas primarily to QazaqGaz. FY2025 oil and gas sales totaled US$20.7 million (+83% YoY) with Q1 2026 sales of US$8.1 million (+104% YoY). The company turned profitable in 2025 (US$8.1 million net profit) after a US$19.1 million loss in 2024. The business is undergoing material structural change: the Akkulkovskoye license was permanently revoked in October 2025, the company has voluntarily delisted from the Kazakhstan Stock Exchange, and majority shareholder Fincraft Group LLP has proposed acquiring the remaining shares, which would take Tethys private. Customer concentration is acute (QazaqGaz for gas, a single approved oil buyer facing payment delays) and the company has endured four months without oil export allocations.

Name

Tethys Petroleum

Legal name

Tethys Petroleum Limited

Website

https://tethys-group.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Tethys Petroleum is a TSX-listed (TPL) upstream oil and gas company producing crude oil and natural gas from fields in Kazakhstan, including Kul-Bas, Kyzyloi/Akkulka, and Doris, serving domestic buyers such as QazaqGaz and approved oil purchasers.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration & Production

NAICS

Oil and Gas Extraction (2111), Oil and Gas Extraction (211), Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Crude Oil Field Gathering Systems (TLAGAJAA)

akta.pro secondary industry

Gas Processing & NGL Recovery (Dehydration, Sweetening, Cryogenic Recovery) (EUALAGAG)

Keywords

• Oil exploration production
• Natural gas extraction
• Crude oil sales
• Hydrocarbon exploration
• Kazakhstan oil fields

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Others, Marketing or Sales

Revenue model

1. Oil Sales: The company generates revenue primarily from selling crude oil produced from its Kul-Bas and Doris oil fields in Kazakhstan. Q1 2026 oil and gas sales surged 104% to $8.1 million. 2025 annual oil and gas sales increased 83% to $20.7 million.
2. Natural Gas Sales: Revenue from natural gas production sold to domestic buyers. Current natural gas production stands at 231,000 m³ per day from 21 gas wells. The company has faced challenges with QazaqGaz failing to make a purchase offer.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Tethys Petroleum is an oil and gas exploration and production company focused on Central Asia, primarily operating in Kazakhstan. The company produces crude oil from the Kul-Bas and Doris oil fields (approximately 375-382 tons per day from three wells) and natural gas from the Kyzyloi and Akkulka gas development (231,000 cubic meters per day from 21 gas wells), selling to domestic buyers and export markets.

Product overview

Tethys Petroleum is an oil and gas exploration and production company focused on Central Asia, operating primarily in Kazakhstan. The company operates a portfolio of producing assets including the Kul-Bas Oil Field (the primary oil production asset), the Kyzyloi and Akkulka Gas Development (dry gas supplying China via trunkline), and the Doris Oil Field with the Dione discovery. Current production includes approximately 375-382 tons per day of oil from three wells and 231,000 m³ per day of natural gas from 21 gas wells. The company holds long-term production rights at Kul-Bas extending to 2048 and is conducting exploration activities in the Aral-4 block.

Differentiator

Problem solved

Functional benefit

Products and services

• Kul-Bas Oil Field Oil field production operations in Kazakhstan, the primary oil production asset. Current oil production averages 375-382 tons per day from three wells, with plans to reach approximately 700 tons per day. Long-term commercial production rights secured until July 2048.
• Akkulka Gas Development Dry gas development project in Kazakhstan, one of the first carried out in the country with a major gas trunkline connecting to Central Asia markets including China. Includes shallow gas zone at approximately 600 meters depth with AKD-12 well tested gas at approximately 29.4-34.5 thousand cubic meters per day.
• Kyzyloi Gas Development Gas production operations in Kazakhstan with 21 gas wells producing 231,000 cubic meters per day. Kyzyloi gas production contract has been extended with a 15-year extension award. Gas utilization program approved through end of 2026.
• Doris Oil Field Oil field in Kazakhstan producing oil from multiple horizons including AKD-01, AKD-05, AKD-06 wells. The AKD-01 well was the first deep exploration well drilled under the Akkulka Exploration Contract, producing in excess of 4 million barrels of oil. Oil quality ranges from 37-46 degree API low sulfur crude from Upper Jurassic carbonate and Lower Cretaceous sandstone formations with high permeability exceeding 1.0 Darcy.
• Dione Field Oil discovery south of Doris field in Kazakhstan, found in an Upper Jurassic sand in well AKD-03 as part of the appraisal program on the Doris oil discovery area.
• Aral-4 Block Exploration Exploration block in Kazakhstan where Tethys plans to drill an exploration well (ARD-01/Kronos) starting in May 2026.

Quantifiable outcome

• Oil production capacity expansion from ~375 tpd to 700 tpd target
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered minor.

• Olisol, EGG, and DSFKminorOthersThe company is engaged in ongoing legal disputes with Olisol, EGG, and DSFK over a 2019 Settlement Agreement. The AIFC arbitration court ruled in Tethys' favor while respondents seek to reverse the decision through various legal actions.
• McDaniel and Associates ConsultantsminorOthersIndependent reserves evaluator engaged annually to assess the company's proved and probable reserves. The 2025 report showed total 2P reserves of approximately 84,844 Mboe.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Caspian Sunrise plc: Small-cap oil and gas E&P focused on Kazakhstan assets. Caspian Sunrise shares Tethys's model of operating marginal onshore fields in Kazakhstan, with similar upstream oil production and exposure to local regulatory and offtake risk.
• Condor Petroleum: Independent upstream oil and gas company with producing assets in Kazakhstan. Comparable to Tethys in size, geography, and the model of developing shallow gas and oil fields in Western Kazakhstan.
• ShaMaran Petroleum Corp: Junior oil and gas producer with operations focused on Kurdistan and Central Asia. Comparable as a small publicly listed E&P pursuing development-stage fields in frontier or developing markets.
• Max Petroleum: Historical small-cap E&P focused on Kazakhstan's Pre-Caspian basin, with similar shallow Ural oil plays and gas prospects. Comparable as a model of small Western-listed operators pursuing Kazakhstan oil and gas.

Others

• Palace Resources / Tethys Oil (historical):

Broad incumbents

• KazMunayGas (KMG): Kazakhstan's national oil and gas company, the dominant upstream and midstream operator in the country. KMG's wholly-owned subsidiary KMG Kashagan operates alongside and competes for regulatory access and infrastructure used by Tethys in Kazakhstan.
• CNPC International / AktobeMunayGas: CNPC operates one of the largest upstream oil and gas positions in Kazakhstan through CNPC International and subsidiaries like AktobeMunayGas. Provides a benchmark for the scale and terms under which foreign upstream operators develop Kazakhstan fields.

Regional players

• Fincraft Energy Holding (Kenges Rakishev): Kazakh private energy group consolidating oil and gas assets including Beineu Petroleum and FG Limited. Closely tied to Tethys via the proposed take-private and shared Kazakhstan upstream exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/tethyspetroleum
• LinkedInlinkedin.com/company/tethys-petroleum

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tethys Petroleum