- About Tethys Oil
- Corporate governance
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Tethys Oil’s core area is Oman. Oman is strategically located on the tip of the eastern Arabian Peninsula, neighbouring the United Arab Emirates in the northwest, Saudi Arabia in the west and Yemen in the southwest. Oman overlooks the Arabian Sea, the Sea of Oman and the Arabian Gulf.
Tethys Oil’s most significant asset in Oman is Blocks 3 & 4. The blocks are located in the eastern part of Oman and cover an area of 29,130 square kilometres. Tethys Oil acquired the company’s interest in the blocks in 2007. In 2010, an early production system was launched. In 2012, the Field Development Plan was approved and the exploration and production terms for the licence were extended until 2040.
The production from the blocks derives from three fields: Farha South, Saiwan East and Shahd oil fields. Tethys Oil, through its wholly owned subsidiary Tethys Oil Block 3 and 4 Ltd, has a 30 per cent interest in the blocks.
Tethys Oil was awarded the The Block 49 licence in November 2017. The Block 49 licence covers an area of 15,439 square kilometres. More than 11,000 kilometres of 2D seismic data that has been acquired by previous operators has been made available to Tethys Oil. Nine wells have been drilled within the block boundaries, several of which are reported to have encountered oil shows. Among the legacy wells is the first well ever drilled in Oman in 1955 (Dauka-1).
The exploration and production sharing agreement (EPSA) for Block 49 covers an initial exploration period of three years with an optional extension period of another three years. The initial work commitments during the first period include geological studies, seismic acquisition and processing and exploratory drilling.