Muscat: Tethys Oil’s share of production from Blocks 3&4 during the third quarter (Q3) 2022, before government take, amounted to 900,491 barrels of oil, corresponding to 9,788 barrels of oil per day.
The net entitlement, Tethys Oil’s share of production after government take, amounted to 378,742 barrels of oil, corresponding to 42 per cent of the total production, the company said in a statement on Tuesday.
A total of 420,474 barrels of oil were sold in the quarter with an achieved oil price of $107.2 per barrel.
Net entitlement is the share of production available for sale by Tethys Oil and is calculated monthly in accordance with the terms of the Exploration and Production Sharing Agreement (EPSA) for Blocks 3&4. The net entitlement will vary depending upon the level of production, oil price and recoverable costs incurred during the period. For further explanation of the calculation of net entitlement, see Tethys Oil’s annual report for 2021.
The oil sales of 420,474 barrels in the third quarter 2022 reflects the July, August and September lifting nominations as well as the June nomination which was lifted in early July. Consequently, the third quarter 2022 Achieved oil price reflects the Official Selling Price (OSP) of June, July, August and September 2022.
Tethys Oil’s interim report for the third quarter 2022 will be published on 8 November 2022, the company statement further said.
Tethys Oil is an oil exploration and production company with focus on onshore areas with known oil discoveries. The company’s core area is the Sultanate of Oman, where it holds interests in Blocks 3&4, Block 49, Block 56 and Block 58.
Tethys Oil has net working interest 2P reserves of 26.2 million barrels of oil (mmbo) and net working interest 2C Contingent Resources of 15.6 mmbo and had an average oil production of 11,136 barrels per day during 2021.
