Tethys Oil issues production update for April 2021

Business Monday 17/May/2021 17:54 PM
By: Times News Service
Tethys Oil issues production update for April 2021
Photo used for illustrative purpose only

Muscat: Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in April 2021 to 307,009 barrels of oil, corresponding to 10,234 barrels of oil per day.

The production in April has been adversely affected by operational issues that have been mitigated.

Oil production in Oman is currently subject to production limitations under the Organisation of Petroleum Exporting Countries (Opec) plus agreement.

As a consequence, production from Blocks 3&4 is subject to limitations but is likely to fluctuate monthly.

The Official Selling Price (OSP) for Oman Export Blend Crude Oil for April 2021 amounted to US$60.85 per barrel. The OSP, as published by Sultanate of Oman’s Ministry of Energy and Minerals, is the benchmark price for Tethys Oil’s monthly oil sales excluding trading and quality adjustments.

Tethys Oil, through its wholly-owned subsidiary Tethys Oil Block 3 & 4 Ltd, has a 30 per cent interest in Blocks 3&4. Partners are Mitsui E&P Middle East B.V. with 20 per cent and the operator CC Energy Development S.A.L. (Oman branch) holding the remaining 50 per cent.

Tethys Oil is a Swedish oil company with a focus on onshore areas with known oil discoveries. The company’s core area is the Sultanate of Oman, where it holds interests in Blocks 3&4, Block 49, Block 56 and Block 58.

Tethys Oil has net working interest 2P reserves of 26.9 million barrels of oil (mmbo) and net working interest 2C Contingent Resources of 13.9 mmbo and had an average oil production of 11,336 barrels per day from Blocks 3&4 during 2020.