Tuesday 06 / May / 2025
Muscat: Tethys Oil’s share of production from Blocks 3&4 during the first quarter of 2023, before government take, amounted to 847,002 barrels of oil, corresponding to 9,411 barrels of oil per day.
The net entitlement, Tethys Oil’s share of production after government take, amounted to 440,441 barrels of oil, corresponding to 52 per cent of the total production, the company said in a press statement.
A total of 471,550 barrels of oil were sold in the quarter with an achieved oil price of $81.7 per barrel.
Net entitlement is the share of production available for sale by Tethys Oil and is calculated monthly in accordance with the terms of the Exploration and Production Sharing Agreement (EPSA) for Blocks 3&4.
The net entitlement will vary depending on the level of production, oil price and recoverable costs incurred during the period.
The oil sales of 471,550 barrels in the first quarter of 2023 reflect the January, February and March lifting nominations. Consequently, the first quarter of 2023 achieved oil price reflects the Official Selling Price (OSP) of January to March 2023, Average Official Selling Price in that same period was $81.6.
Tethys Oil’s interim report for the first quarter of 2023 will be published on May 9, the statement further said.
