Tethys gets green light for Oman block development

MUSCAT, November 26, 2024 – Stockholm-listed Tethys Oil has received approval from Oman’s Ministry of Energy and Minerals to proceed with the field development plan (FDP) for onshore Block 56, the company announced on Monday.

Block 56 covers an area of approximately 5,800 square kilometres in southeastern Oman. Although some 10 wells have been drilled on the block that encountered oil or oil shows, none had been determined to be commercial.

With the approval of the FDP, Block 56 has been declared commercial, and its PSA has been extended by 20 years until 2044. The approved plan includes the development of the Al Jumd, Menna and Sarha discoveries, where Tethys expects to begin work in 2025.

“The approval of the Block 56 FDP is a great milestone for Tethys and our partners, and we are now looking forward to, over the coming years, delivering on the potential we see in the block,” said Magnus Nordin, managing director of Tethys Oil.

Tethys operates Block 56 with a 65% interest. Its block partners are Omani oilfield services company Biyaq Oilfield Services (25%), Saudi industrial equipment provider Medco Arabia (5%) and Libyan oilfield services company Intaj (5%).

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