Tethys Oil, a well-known oil exploration and production company, recently announced its production numbers for the month of June 2024 in the Sultanate of Oman. The company’s share of production from Blocks 3&4 amounted to 235,925 barrels of oil, equivalent to 7,864 barrels of oil per day. This production figure does not include the government take or any trading and quality adjustments. The Official Selling Price (OSP) for Oman Export Blend Crude Oil in June 2024 was $89.30 per barrel, as reported by the Sultanate of Oman’s Ministry of Energy and Minerals. This price serves as the benchmark for Tethys Oil’s monthly oil sales.
Tethys Oil, through its subsidiary Tethys Oil Block 3 & 4 Ltd, holds a 30 percent interest in Blocks 3&4, with Mitsui E&P Middle East owning 20 percent and CC Energy Development (Oman branch) serving as the operator with the remaining 50 percent share. Tethys Oil primarily focuses on onshore areas with known oil discoveries and has a strong presence in Oman, with interests in Blocks 3&4, Block 49, Block 56, and Block 58. The company’s net working interest 2P reserves stand at 21.7 million barrels of oil, with networking interest 2C Contingent Resources of 15.5 million barrels of oil. In 2023, Tethys Oil reported an average oil production of 8,818 barrels per day.
Investors interested in the oil sector can look to Tethys Oil for potential growth and stability. The company’s shares are listed on Nasdaq Stockholm under the ticker symbol TETY, providing investors with an opportunity to participate in the oil industry. Tethys Oil’s strong presence in Oman, with significant interests in various blocks, offers a promising outlook for future production and revenue generation. With a focus on onshore areas with known oil discoveries, Tethys Oil is well-positioned to capitalize on the growing demand for oil in the region.
The Sultanate of Oman continues to play a significant role in Tethys Oil’s operations, with Blocks 3&4 being a key asset for the company. The partnership with Mitsui E&P Middle East and CC Energy Development (Oman branch) further strengthens Tethys Oil’s position in the region and ensures efficient operations and production. The company’s production figures for June 2024 demonstrate its ability to consistently meet production targets and generate revenue in line with market prices. Investors can take advantage of Tethys Oil’s solid financial performance and growth potential in the oil sector.
As a leading oil exploration and production company in Oman, Tethys Oil offers investors exposure to a stable and lucrative market. The company’s strategic focus on onshore areas with known oil discoveries, such as Blocks 3&4, allows for sustainable production and long-term growth. With a strong portfolio of assets and a track record of success in oil production, Tethys Oil is well-positioned to deliver value to its shareholders. By investing in Tethys Oil, investors can gain access to a reliable income stream and potential capital appreciation in the dynamic oil industry.
In conclusion, Tethys Oil’s production figures for June 2024 highlight the company’s strong performance in the Sultanate of Oman. With significant interests in various blocks and a focus on onshore areas with known oil discoveries, Tethys Oil is well-positioned to capitalize on the growing demand for oil. Investors looking to enter the oil sector can consider Tethys Oil as a lucrative investment opportunity with potential for growth and stability. The company’s listing on Nasdaq Stockholm provides an accessible platform for investors to participate in the oil industry and benefit from the company’s success in Oman.
