Oman: Tethys Oil, a Swedish energy company, has reaffirmed its dedication to investing more than $90 million in its upstream assets situated in Oman for the ongoing fiscal period. This commitment echoes its previous pledge in 2023 and emphasizes its unwavering focus on both operated and non-operated blocks.
Specifically, the company has earmarked a substantial portion, approximately $63 – 67 million, towards its flagship asset, Blocks 3&4 in eastern Oman, which it operates in partnership with CC Energy Development and Mitsui E&P Middle East.
According to Tethys Oil’s Managing Director, Magnus Nordin, “Production from Blocks 3&4 stabilized during the 4th quarter at nearly 8,400 bopd giving an overall average of close to 8,800 bopd for the year.”
Moreover, the company is making significant strides in its Gas-to-Power project, aiming to reduce routine flaring and harness associated gas for electricity generation, thereby enhancing operational efficiency and environmental sustainability.
Transitioning to Tethys Oil’s other assets in Oman, the firm plans to allocate $18.5 million to Block 58 and $8 million to Block 56. Block 58, a wholly-owned and operated onshore license, is poised for exploration with two wells planned for drilling, including the much-anticipated Kunooz-1 in the Fahd area. Nordin highlighted, “On Block 58 we are fast approaching the moment of truth with the drilling of the first exploration well.”
Meanwhile, Block 56 continues to demonstrate its potential with an Extended Well Test showcasing promising production figures from the Al Jumd discovery. Furthermore, Tethys Oil intends to invest a modest half a million dollars in Block 49, which hosts Dauka-1, reflecting a diversified approach to asset management and exploration activities across its portfolio.
Further, in a strategic move, Tethys Oil has initiated a comprehensive review of its oil and gas interests to optimize its asset mix and enhance transparency regarding fair market value.