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Oman Business News

Tethys Oil eyes commercial discovery in Block 49 with drilling of first well next year

Swedish energy firm Tethys Oil plans to drill its first exploration well in the first half of 2020, targeting its wholly-owned and operated onshore Block 49 in the southwest of Oman.

The Stockholm based firm is presently one of the largest concession-holders in the Sultanate’s upstream sector by acreage, having added Block 49 to its portfolio barely two years in late 2017.

Covering a 15,439 sq km area in the far west of Dhofar Governorate, the largely unexplored Block 49 is home to Dauka-1, the first well drilled in Oman in 1955.

According to Magnus Nordin (pictured), Managing Director, seismic interpretation and the incorporation of the new data into Tethys Oil’s geological model “has confirmed our expectation that the block is more prospective than history has shown”.

“Our initial, well focused, seismic campaign has identified one drillable prospect and several leads and potential leads within the new 3D and 2D seismic areas.

Details will follow and we must remember that Block 49 at this stage is in the exploration phase and still carries geological uncertainty – but we are off to a very good start! In the first half of next year, we plan to drill a very interesting exploration well which we naturally hope will result in a commercial discovery, but also will provide data to further enhance our understanding of the petroleum potential of Block 49,” Nordin said in remarks accompanying Tethys Oil’s third quarter results. Just last week, Tethys Oil, already a burgeoning player in Oman’s upstream industry, announced a farm-in into Block 56, which is located not far from its partly owned Block 3 & 4 concessions. The deal, which is still subject to the Omani government’s ratification, aligns with Tethys Oil investment strategy in Oman, says Nordin
  • Oman
  • Tethys Oil
  • Swedish Energy Firm
  • Exploration
  • Oil and Gas
  • Onshore
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