Swedish-based energy firm Tethys Oil, which is currently focused entirely on its sizable upstream assets in the Sultanate of Oman, says it is gearing up for a period of renewed growth across its portfolio in 2022, in trend with a vigorous rebound under way across the global hydrocarbon sector.
Stockholm-headquartered Tethys Oil, which has a total of five onshore blocks in its upstream portfolio — three of them operated blocks — is emerging as an increasingly important player in the country’s hydrocarbon space.
“We are well placed to see substantial growth in 2022'', said Magnus Nordin, Managing Director. “Oil prices will fluctuate and world events will ebb and flow, but Tethys will continue its journey, holding firm on this unruly sea. Given the circumstances we also had quite an active year not least in our operated areas'', he stated in the company’s newly released Annual Report for 2021.
Non-operated Blocks 3&4, which currently account for all of Tethys Oil’s hydrocarbon output, will see a significant ramp-up in drilling activity over the course of 2022, according to the Managing Director.
A work programme drawn up for the two adjoining blocks, operated by CCED, calls for the drilling of almost double the number of wells drilled last year. “This catch-up investment aims to increase both production and reserves'', he remarked.
Much attention will also be focused on Block 49, a promising onshore license in The Empty Quarter. Home to the Dauka-1 well — the first-ever well drilled in the Sultanate of Oman back in 1955 — the Block was also the subject of a more recent drilling programme. The Thameen-1 exploration well — the first solo-operated well by Tethys Oil in its 10-year-long presence in the Sultanate of Oman — revealed a gross hydrocarbon column of close to 40-metres in the primary target.
“Block 49 is in low spend study mode as we continue to evaluate the results of the Thameen well. We must decide the way forward during the second quarter (of this year)'', Nordin stated.
Block 58 — Tethys Oil’s newest acquisition located just south of Block 49 — is being prepped for a drilling programme planned in 2023. “Block 58 will see the bulk of its activity towards the end of 2022 when we expect to have defined a number of drillable prospects of various sizes and chances of success'', the Managing Director said.
Finally, Block 56 on Oman’s southeast coast will also see a flurry of activity in 2022 centring primarily on the Al Jumd prospects in the northwestern part of the Block. “Success here will establish a new source of reserves and production for Tethys in Oman'', Nordin added.
@conradprabhu
Oman Observer is now on the WhatsApp channel. Click here
