The ‘spark’ seems to be back in the oil industry, according to Tethys Oil’s managing director Magnus Nordin.
Nordin made the statement in Tethys’ latest results announcement, which outlined increased revenues for the company in the fourth quarter and full year of 2017, compared to the corresponding periods in 2016.
Tethys registered revenues of $30.1 million in 4Q 2017 and $119.3 million for the full year, compared to revenues of $20.7 million and $87.1 million in 4Q 2016 and full year 2016, respectively.
The company said it discovered ‘significant’ amounts of oil in new structures near its producing fields in Oman Blocks 3&4 last year. The Erfan, Ulfa and Samah discoveries are all currently undergoing long term production tests and have added more than 17 million barrels of 2C contingent resources to Tethys, the company confirmed.
“2017 turned out to be very successful and offers great promise for the future,” Nordin said in a company statement.
Oil and gas analysts at GMP FirstEnergy described market reaction to Tethy’s 4Q results as ‘positive’.
“The company still benefits from a solid balance sheet and strong operations,” the analysts said in a statement sent to Rigzone.
Tethys is a Swedish oil company with a focus on onshore areas with known oil discoveries. The company’s core area of operation is Oman, although it also holds onshore exploration licenses in Lithuania and France.