Tethys Oil plans $47m investment in Oman in 2021

Tethys Oil plans $47m investment in Oman in 2021

Swedish oil company Tethys Oil, which has Oman as its core area of focus, said it plans to invest around $47 million in 2021 in its portfolio of upstream oil & gas assets in the Sultanate in 2021.

The company would continue to capitalise on "promising growth opportunities in the Sultanate of Oman“ linked to its "enhanced asset portfolio, Tethys Oil Managing Director Magnus Nordin was quoted as saying by Oman Observer.

"2021 should see five exploration/appraisal wells and new seismic studies conducted across our asset portfolio all funded by our profitable production asset (Blocks 3&4) while leaving room to continue to fund our growth and our (dividend) distributions to shareholders,“ Nordin said.

Of the total commitment of around $47 million pledged this year, the lion's share of around $32 million is earmarked towards Blocks 3&4, a pair of flagship producing blocks located in central Oman, the Oman Observer report said.

Tethys Oil has a 30 per cent working interest in the blocks, with the rest shared between CC Energy Development Oman Branch (50 per cent) and Mitsui E&P Middle East (20 per cent). CC Energy Development is also the operator of Blocks 3&4.

"The focus of the work programme on Blocks 3&4 is continued