Tethys oil production reaches 868,589 barrels

The net entitlement, Tethys Oil’s share of production after government take, amounted to 467,564 barrels of oil, corresponding to 54 per cent of the total production

MUSCAT: Tethys Oil’s share of production from Blocks 3&4 onshore in Oman during the fourth quarter (Q4) 2022, before government take, amounted to 868,589 barrels of oil, corresponding to 9,441 barrels of oil per day.

The net entitlement, Tethys Oil’s share of production after government take, amounted to 467,564 barrels of oil, corresponding to 54 per cent of the total production. A total of 424,444 barrels of oil were sold in the quarter with an achieved oil price of $93.3 per barrel.

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 424,444 barrels in the fourth quarter of 2022 reflect the October, November and December lifting nominations. Consequently, the fourth quarter of 2022 achieved oil price reflects the Official Selling Price (OSP) of October to December 2022, the average official selling price in that same period was $92.90.

Tethys Oil’s interim report for the fourth quarter and year-end report for 2022 will be published on 7 February 2023.

Tethys Oil is an oil exploration and production 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 and net working interest 2C Contingent Resources of 15.6 million barrels of oil and had an average oil production of 11,136 barrels per day during 2021.