Tuesday 25 / March / 2025
Muscat: Tethys Oil’s share of production from Blocks 3&4 during the second quarter of 2023, before government take, amounted to 818,432 barrels of oil, corresponding to 8,994 barrels of oil per day.
“The net entitlement, Tethys Oil’s share of production after government take, amounted to 425,585 barrels of oil, corresponding to 52 per cent of the total production,” the company said in a press statement on Tuesday.
“A total of 463,196 barrels of oil were sold in the quarter with an achieved oil price of $81.60 per barrel,” the press statement further added.
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 on the level of production, oil price and recoverable costs incurred during the period.
The oil sales of 463,196 barrels in the second quarter of 2023 reflect the April, May and June lifting nominations, the company said. “Consequently, the second quarter 2023 achieved oil price reflects the Official Selling Price (OSP) of April to June 2023, Average Official Selling Price in that same period was $81.30,” the statement further added.
