Tethys Increases Oil Production in Oman

Swedish energy company Tethys Oil AB announced Monday that its share of production, before government take, from Blocks 3 and 4 onshore the Sultanate of Oman increased to 387,174 barrels of oil, or 12,489 barrels of oil per day, in August.

Tethys’ share of production from the blocks amounted to 368,628 barrels in July, which corresponds to 11,891 bopd.

The Oman-focused oil producer recorded an output of 1.096 million barrels during the second quarter of 2016, which was similar to the company’s production of 1.101 million barrels of oil during 1Q, and marks a slight increase from Tethys’ output rate of 997,904 during the fourth quarter of last year. The company’s full year production in 2015 was 3.539 million barrels of oil.

FirstEnergy Capital revealed that market reaction to Tethys’ latest news was neutral but maintained the company’s ‘outperform’ recommendation.

“This is in line with expectations, however production is trending-up with 11,600 barrels per day in June and 11,900 bpd in July,” said FirstEnergy in a brief research note to Rigzone.

Tethys is one of the largest onshore oil concession holders in the Sultanate of Oman with a current net production of around 12,000 barrels of oil per day, according to Tethys’ website. The company also has exploration and production assets onshore Lithuania and France.

Earlier this month, Tethys appointed Jesper Alm as its new chief financial officer, following the decision of Morgan Sadarangani to step down. Tethys also appointed Fredrik Robelius as its new chief technical officer.

Sadarangani will step down as CFO Nov. 30 and will remain available to the company until March 1, 2017. Robelius has been with the company since 2011, first as senior petroleum engineer and currently as technical manager, and he will assume his new role as CTO with immediate effect.

“I am happy to welcome Jesper and Fredrik to their new roles in the company. I look forward to continue our cooperation for Tethys Oils’ future success,” said Magnus Nordin, managing director of Tethys Oil, in a company statement.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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