Investment Of $85 Million In Oman Oil and Gas Assets

The allocation, according to the report, is roughly on par with the company's investments made across its sizable portfolio last year, the company said in a press statement.

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 has been present since 2006 and currently holds interests in Blocks 3 and 4, Block 49, Block 56, and Block 58.

The majority of its allocation for 2023 is earmarked for onshore Blocks 3 and 4, located in eastern Oman.

Tethys’ share of production from these blocks averaged 11,136 barrels per day (bpd) in 2021, although the output for 2022 is understood to have marginally declined due to technical challenges, as mentioned in the report.

Tethys also plans to drill a total of 47 new wells (compared to 36 in 2022), as well as support power generation and produce water handling capabilities, the company said.

Spending on Tethys Oil’s majority-owned and operated Block 56 is estimated at $8 million during 2023, down from $23.8 million last year.

"Work on this block should reach the same maturity level, defined as the definition of drillable prospects with estimates of prospective resources, as we have on Block 58 over the next few months," said Magnus Nordin, managing director of Tethys Oil.

"While in parallel, we continue to wait for the long-term test results from the Al Jumd discovery in Block 56," Magnus Nordin added.