Different types of oil

Farha Plant Downstream Sep 570

Liquid petroleum pumped from a well is called crude oil. Crude oil consists of mostly hydrocarbons, but to different extent also of oxygene, nitrogen and helium. There are different standards for oil in different gegraphical regions, for example West Texas Intermediate (WTI), Brent and Omani Blend. Crude oil is also classified after its chemical composition, primarily density and sulfur. Crude oil with low sulfur content is classified as sweet and crude oil with low density as light. The density of crude oil is measured in relationship to the density of water according to American Petroleum Institute (API); if the oil’s API is higher than 10 it would float on water. If the density is lower than 10 it would sink. Heavy oil is defined as all liquid petroleum with an API below 20. Heavy oil is more difficult to produce, more expensive to refine and combustion is more polluting.

About Tethys Oil

Tethys Oil is a Swedish oil company with focus on onshore areas with known oil discoveries. Tethys Oil's core area is Oman, where the company holds 2P Reserves of 25 mmbo and 2C Contingent Resources of 13 mmbo and had an average oil production of 11,767 barrels per day from Blocks 3&4 during 2018. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania. The shares are listed on Nasdaq Stockholm (TETY).