Page 6 - MEOG Week 43 2022

MEOG PRICES & PERFORMANCE MEOG

Tethys Oil provides

Q3 update for Oman

OMAN SWEDISH firm Tethys Oil provided an oper- to carry out a $14mn seismic survey in Block 56.
ational update this week showing that its PDO-S signed up to run a 2,018-square km 3D
third-quarter oil production in Oman had seismic acquisition programme with Tethys to
reached a total of 900,491 barrels. carry out an exploration campaign by the end of
Tethys’ share of production from the Sultan- 2023 following an extension to the EPSA.
ate’s Blocks 3 and 4 concessions during Q3 2022, The 5,808-square km Block 56 concession in
before government take, amounted to an aver- south-eastern Oman lies around 200 km south
age of 9,788 barrels per day (bpd) of oil, with the of Blocks 3 and 4, in which Tethys holds a stake
company’s net daily take running at 4,116 bpd of 30%.
or 42% of production in line with the terms of its The firm noted that testing at previously
exploration and production-sharing agreement drilled wells confirmed the presence of an
(EPSA). active petroleum system containing 20-25
Liftings from the acreage totalled 420,474 degrees API medium viscosity crude, although
barrels during Q3, corresponding to official sell- it added that “the commercial viability is yet to
ing prices for June, July, August and September. be determined”.
Tethys’ full Q3 report is due to be published on Tethys became the operator of Block 56 in
November 8. October 2020 when it acquired an additional
The company has net working interest (NWI) 45% in the EPSA from Indonesia’s Medco Energi
proven plus probable (2P) reserves of 26.2mn for $5mn. The Indonesian company retains a
barrels and NWI 2C contingent resources of share of 5%, though Tethys agreed to carry $2mn
15.6mn barrels. It had a total average oil produc- of Medco’s future expenditure in the block.
tion of 11,136 bpd from its global portfolio in Tethys has held an interest in Block 56 since late
2021, mainly in Oman, where it holds interests 2019, when it acquired a 20% stake from Biyaq
in the Block 49, 56 and 58 concessions alongside Oil Field Services for $9.5mn.
Blocks 3 and 4. The EPSA shareholder structure comprises
In December last year, it hired the services Tethys (65%, operator), Biyaq (25%), Intaj LLC
arm of Petroleum Development Oman (PDO) (5%) and Medco (5%).™

P6 www. NEWSBASE .com Week 43 26•October•2022