Tuesday 29 / April / 2025
Muscat: Tethys Oil’s share of production from Blocks 3&4 during the fourth quarter (Q4) 2023, before government take, amounted to 772,515 barrels of oil, corresponding to 8,397 barrels of oil per day.
The net entitlement, Tethys Oil’s share of production after government take, amounted to 401,708 barrels of oil, corresponding to 52 per cent of the total production. A total of 383,004 barrels of oil were sold in the quarter with an achieved oil price of $90.4 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 383,004 barrels in the fourth quarter of 2023 reflect the October, November, and December lifting nominations. Consequently, the fourth quarter 2023 oil price reflects the Official Selling Price (OSP) of October to December 2023. The average Official Selling Price in that same period was $89.7 per barrel.
Tethys Oil’s interim report for the fourth quarter and year-end report 2023 will be published on 6 February 2024.
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 23.9 mmbo and net working interest 2C Contingent Resources of 14.6 mmbo and had an average oil production of 9,940 barrels per day during 2022.
