Tethys Oil’s production in May 2024 from Blocks 3&4 in Oman totaled 232,491 barrels of oil. This was equivalent to 7,500 barrels of oil per day. The production was affected by extreme weather conditions in April, including heavy rain and floods. However, by mid-May, production and exports had resumed on all fields. The Official Selling Price (OSP) for Oman Export Blend Crude Oil in May 2024 was $84.14 per barrel, set 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, holds a 30% interest in Blocks 3&4. Mitsui E&P Middle East has a 20% stake, while the operator CC Energy Development (Oman branch) owns the remaining 50%. The company focuses on onshore areas with known oil discoveries, with its core area being the Sultanate of Oman. In addition to Blocks 3&4, Tethys Oil also has interests in Block 49, Block 56, and Block 58. Tethys Oil reported net working interest 2P reserves of 21.7 mmbo and net working interest 2C Contingent Resources of 15.5 million barrels of oil. The company had an average oil production of 8,818 barrels per day in 2023.
Despite the challenges posed by extreme weather conditions in April, Tethys Oil managed to maintain its production levels in May. The company’s focus on onshore areas with known oil discoveries in Oman has helped it to secure stable production levels. With interests in multiple blocks in the country, Tethys Oil is well-positioned to benefit from its operations in Oman. The partnership with Mitsui E&P Middle East and CC Energy Development (Oman branch) further strengthens Tethys Oil’s presence in Blocks 3&4.
The Official Selling Price (OSP) for Oman Export Blend Crude Oil in May 2024 was favorable at $84.14 per barrel. This benchmark price set by the Sultanate of Oman’s Ministry of Energy and Minerals ensures a stable pricing environment for Tethys Oil’s monthly oil sales. The company’s financial performance is likely to be positively impacted by the set OSP, allowing for strong revenue generation from its oil production in Blocks 3&4.
Tethys Oil’s net working interest 2P reserves of 21.7 mmbo and net working interest 2C Contingent Resources of 15.5 million barrels of oil highlight the company’s significant oil potential in Oman. With a solid foundation of reserves and resources, Tethys Oil is well-equipped to sustain its production levels and further enhance its operational capabilities in Blocks 3&4. The company’s average oil production of 8,818 barrels per day in 2023 demonstrates its ability to efficiently extract and deliver oil from its assets in Oman.
In conclusion, Tethys Oil’s production performance in May 2024 reflects its resilience in the face of challenges such as extreme weather conditions. The company’s strategic focus on onshore areas in Oman, along with its partnership with key stakeholders, positions it for continued success in the region. With a strong portfolio of reserves and resources, Tethys Oil is poised to leverage its operational expertise and maximize the value of its assets in Blocks 3&4. The favorable Official Selling Price (OSP) for Oman Export Blend Crude Oil further bolsters the company’s revenue potential, ensuring a stable pricing environment for its oil sales.
