Tethys Oil announces new boundaries for Block 3 licence area in onshore Oman
Swedish oil company Tethys Oil, along with its joint venture partners Mitsui E&P Middle East B.V. and CC Energy Development S.A.L. (Oman branch), have agreed to the new boundaries for the Block 3 licence area with the Ministry of Oil and Gas of Sultanate of Oman.
The agreement for the new boundary was prepared in accordance with the terms of the Exploration and Production Sharing Agreement (EPSA) that governs the Blocks 3 and 4 licence area located onshore in Oman.
The new boundaries exclude a 5,480km² area in the north-eastern part of Block 3. It is returned to the Ministry of Oil and Gas.
After the rearrangement and adjustment, the Blocks 3 and 4 licence area now covers 29,130km².
Tethys Oil holds a 30% interest in the blocks through its fully owned subsidiary Tethys Oil Block 3 & 4.
Its joint venture partners Mitsui E&P Middle East owns 20% interest while Oman branch holds the remaining 50%.
CC Energy Development is also responsible for operating both blocks.
Tethys Oil focuses on onshore areas with known oil discoveries. At Oman, the company holds 2P reserves of 18 million barrels of oil (mmbo) producing nearly 12,000 barrels of oil per day from Blocks 3 and 4.
With its head office located in Stockholm, Tethys Oil also has onshore exploration licences in Lithuania and France.