Tethys Oil to buy Oman field stake

STOCKHOLM, December 24, 2018 – Total is to sell Tethys Oil its 2% stake in Block 53 onshore Oman for USD 32 million, the Swedish independent announced on Sunday.

The transaction, with an effective date of January 1, 2018, is subject to pre-emption rights of other partners and regulatory approval.

“We welcome this opportunity which, if completed, will be a valuable complement to our existing asset base and underscores our long-term commitment to the Sultanate of Oman,” Magnus Nordin, the managing director of Tethys Oil, said.

Block 53 is operated by Occidental of Oman (45%) alongside remaining partners Oman Oil Company Exploration and Production (20%), Indian Oil (17%), Liwa Energy (15%) and Partex Oil and Gas (1%).

Read our latest insights on: