Sweden’s Oman-focused independent Tethys Oil announced the firm is looking towards “an exploration focused 2023” during its 4Q 2022 results presentation on 7 February. Managing Director Magnus Nordin says the firm is moving “into [a] phase of drilling exploration wells to unlock future reserves,” which could break its dependency on its non-operated Blocks 3&4 assets.
Output from Blocks 3&4 (CCED 50%op, Tethys 30%, Mitsui 20%) dropped to a seven-year low of just 31,150 b/d in 2022 (MEES, 20 January), but last year’s oil price surge more than offset the drop. Revenues jumped by 39% year-on-year and Tethys is re-investing its $156.5mn share in developing its operated exploration blocks as well as countering the declines at Blocks 3&4 . (CONTINUED - 945 WORDS)