Tethys first quarter 2022 oil production in Oman tops 942,000 barrels

Business Saturday 07/May/2022 15:21 PM
By: Times News Service
Tethys first quarter 2022 oil production in Oman tops 942,000 barrels

Muscat: Tethys Oil’s share of production from Blocks 3&4 during the first quarter of 2022, before government take, amounted to 942,768 barrels of oil, corresponding to 10,475 barrels of oil per day.

The net entitlement, Tethys Oil’s share of production after government take, amounted to 433,052 barrels, corresponding to 46 per cent of the total production. A total of 479,544 barrels were sold in the quarter resulting in an achieved oil price of $80.4 per barrel in the period.

Net entitlement is the share of production available for sale by Tethys Oil and is calculated monthly in accordance with the terms of the Exploration and Production Sharing Agreement (EPSA) for Blocks 3&4. The net entitlement will vary depending upon the level of production, oil price and costs incurred during the period. The first quarter interim report 2022 will be published on May 10.

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 26.2 million barrels of oil (mmbo) and net working interest 2C Contingent Resources of 15.6 mmbo and had an average oil production of 11,136 barrels per day from Blocks 3&4 during 2021.