Tethys Oil has achieved a significant milestone in its exploration and appraisal activities by submitting its first comprehensive Field Development Plan (FDP) for Block 56, Mudawrat Concession, to the Omani Ministry of Energy and Minerals for review and approval. The FDP details the plan to develop and appraise resources in three discovered oil fields, covering multiple reservoirs, through the drilling of several horizontal development wells. The development concept will be designed to accommodate future needs and will initially use a fast-track option with export via neighboring operators.
The FDP also includes a roadmap for continued exploration strategy for Block 56’s additional leads and prospects. Upon approval by the Ministry of Energy and Minerals, the terms of the Exploration and Production Sharing Agreement (EPSA) for Block 56 will be extended to fulfill the commercial development of the discovered fields in the block. The Partner Group for Block 56 consists of Tethys Oil as the operator with a 65 percent share, and the partners Biyaq Oilfield Services, Medco Arabia Ltd, and Intaj with shares of 25 percent, five percent, and five percent respectively.
Managing Director of Tethys Oil, Magnus Nordin, expressed his satisfaction with the submission of the FDP for Block 56, stating that it is a major milestone for the company. He looks forward to the approval from the Ministry of Energy and Minerals to start the implementation of the FDP and put the fields into production. Nordin also thanked the Ministry of Energy and Minerals, Petroleum Development Oman, MedcoEnergi, and the partners on Block 56 for their cooperation and support.
Tethys Oil is an oil exploration and production company with a focus on onshore areas with known oil discoveries, primarily in the Sultanate of Oman. The company holds interests in Blocks 3&4, Block 49, Block 56, and Block 58, with net working interest 2P reserves of 21.7 mmbo and net working interest 2C Contingent Resources of 15.5 mmbo. In 2023, Tethys Oil had an average oil production of 8,818 barrels per day.
Overall, the submission of the FDP for Block 56 represents a significant step forward for Tethys Oil in its exploration and appraisal activities in Oman. With a clear plan for the development and appraisal of the discovered fields, as well as a continued exploration strategy for additional leads and prospects, the company is poised for further growth and success in the region. Approval of the FDP by the Ministry of Energy and Minerals will allow Tethys Oil to move forward with commercial development and production, further solidifying its position as a key player in Oman’s oil and gas industry.
