Swedish independent Tethys has lowered its 2022 net output guidance for Blocks 3&4 in Oman by 500 b/d to 10,500-11,000 b/d on the back of weak Q1 results. This implies gross output of 35,000-36,700 b/d for the blocks which are operated by Athens-based CCED (50%, Tethys has 30% and Mitsui 20%).
Gross output dropped to a seven year low of 34,900 b/d for Q1. Tethys MD Magnus Nordin, who had previously flagged up expected gains for Q1, admitted that the quarter’s production was “disappointing” and that problems will persist throughout the year. (CONTINUED - 823 WORDS)