Oman’s oil and gas sector has witnessed a flurry – by its standards – of corporate activity in recent days. On 23 December, Sweden’s Tethys Oil announced it would acquire Total’s 2% stake in Oman’s largest producing oil field, the 120,000 b/d Mukhaizna heavy oil field (Occidental 45% op, Oman Oil Company 20%, Indian Oil 17%, Mubadala-owned Liwa Energy 15%, Total 2% and Portugal’s Partex 1%).
Tethys, which holds a 30% stake in CCED’s 39,000 b/d Blocks 3&4, has also launched a seismic campaign at Block 49 (Tethys 100%) in the country’s underexplored southwest (MEES, 14 December 2018). The Mukhaizna acquisition, which is expected to be finalized in 1H for $32mn (valuing the entire asset at $1.6bn), will further bolster Tethys’ footing in Oman. (CONTINUED - 359 WORDS)