Swedish independent Tethys Oil has agreed to acquire a 20% non-operating stake in Oman’s Block 56 from local firm Biyaq Oilfield Services for $9mn. The exploration block is operated by Indonesia’s Medco Enerji (50%). Tethys’ press release indicates that 11 wells have been drilled in the block with 10 striking oil, albeit none in commercial quantities.
For Tethys, the move – which is still subject to government approval – will see the firm expand its presence in Oman where it partners with CC Energy at Blocks 3 & 4 which produced a record 43,577 b/d in September. Tethys also holds a 100% stake in Block 49, also an exploration block. The firm attempted to farm into Occidental’s 122,000 b/d Mukhaizna heavy oil field earlier this year, but was rebuffed when one partner nixed the deal (MEES, 15 February). (CONTINUED - 128 WORDS)