December 01, 2016 

Muscat - Swedish company Tethys Oil, together with joint venture partners Mitsui E&P Middle East and CC Energy Development (Oman), have agreed on new boundaries for the Block 3 licence area with Oman's Ministry of Oil & Gas.

The new boundaries have been agreed in accordance with the terms of the exploration and production sharing agreement (EPSA) governing the Block 3 and 4 licence area onshore the sultanate.

The new boundaries exclude a 5,480 sqkm area in the north eastern part of Block 3, which has been returned to the ministry, Tethys Oil said in a statement on its website. After the agreed adjustment, the Block 3 and 4 licence area covers 29,130 sqkm, the company added.

Tethys, through its wholly owned subsidiary Tethys Oil Block 3 & 4 Ltd, has a 30 per cent interest in Blocks 3 and 4. Partners are Mitsui E&P Middle East with 20 per cent and the operator CC Energy Development (Oman branch) holding the remaining 50 per cent. Tethys Oil’s core area is Oman, where the company is one of the largest onshore oil concession holders. It has oil production of about 12,000 barrels per day (bpd) from Blocks 3 and 4.

Tethys said its share of the production, before government take, from the two blocks amounted to 379,432 barrels of oil in October.

© Muscat Daily 2016