Swedish minnow Tethys Oil struggled to assuage concerns about declining output at Oman’s blocks 3&4 during its recent Q3 investor call. Output at the firm’s only producing asset has been declining for eight quarters in a row, sinking to 28,280 b/d in Q3 2023 (MEES, 3 November 2023).

In its Q3 report the firm revised down its production guidance for the second time this year, pulling down its upper limit to 30,000 b/d, the minimum it had initially projected for the year. “Certainly you are seeing a drop in production” said Tethys CEO Magnus Nordin, “and the trend for [Blocks] 3&4…has been lower production, increased investments and at least until a couple of quarters ago or so increasing opex.” (CONTINUED - 216 WORDS)