Tethys Oil, an oil exploration and production company, reported its share of production from Blocks 3&4 in Oman for July 2024. The company’s production amounted to 238,290 barrels of oil, equivalent to 7,687 barrels of oil per day. The Official Selling Price (OSP) for Oman Export Blend Crude Oil in July 2024 was $83.89 per barrel, as published by the Sultanate of Oman’s Ministry of Energy and Minerals. This OSP is the benchmark price for Tethys Oil’s monthly oil sales, excluding trading and quality adjustments. Tethys Oil has a 30 percent interest in Blocks 3&4, with Mitsui E&P Middle East holding 20 percent and CC Energy Development (Oman branch) operating the remaining 50 percent.
Tethys Oil focuses its exploration and production activities 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 21.7 million barrels of oil (mmbo) and net working interest 2C Contingent Resources of 15.5 mmbo. In 2023, the company had an average oil production of 8,818 barrels per day. Tethys Oil’s shares are listed on Nasdaq Stockholm, making it a publicly traded company that investors can access.
The company’s production from Blocks 3&4 in July 2024 highlights its ongoing operations and commitment to extracting oil resources in Oman. Tethys Oil, through its subsidiary Tethys Oil Block 3 & 4, has a significant stake in these blocks, indicating its strategic interest in this region. With Mitsui E&P Middle East and CC Energy Development as partners, Tethys Oil has a strong position in the oil market in Oman. The company’s production figures and OSP for July 2024 demonstrate its financial performance and ability to generate revenue from oil sales.
Investors looking for opportunities in the oil and gas sector may find Tethys Oil an attractive option, given its focus on onshore oil discoveries in Oman. The company’s reserves and contingent resources provide a solid foundation for future growth and development. Tethys Oil’s presence in Blocks 3&4, along with other key blocks in Oman, positions it as a major player in the country’s oil industry. With its shares listed on Nasdaq Stockholm, Tethys Oil offers investors access to a transparent and regulated market for trading their stock.
As Tethys Oil continues to expand its operations and production in Oman, investors can expect the company to deliver consistent results and performance. With a proven track record of extracting oil resources in onshore areas and strong partnerships with Mitsui E&P Middle East and CC Energy Development, Tethys Oil is well positioned for future success. The company’s commitment to sustainable oil production and exploration practices further enhances its standing in the industry, making it a valuable investment opportunity for those looking to capitalize on the oil market in Oman and beyond.
