The net entitlement, Tethys Oil’s share of production after government take, amounted to 428,121 barrels, corresponding to 41 per cent of the total production. The achieved oil price during the quarter amounted to $66.7 per barrel and 448,740 barrels were sold, the company said in a press statement.
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 costs incurred.
The net sales of 448,740 barrels in the third quarter of 2021 reflects the June, July and August lifting nominations and does not include the September nomination which was lifted in early October.
Consequently, the third quarter of 2021 Achieved oil price reflects the pricing from June to August and does not include the September Official Selling Price (OSP). The average Official Selling Price (Average OSP) for July to September 2021 was $70.3 per barrel.
The third quarter and nine months report 2021 will be published on November 9, 2021.
Tethys Oil is a Swedish oil company with a focus on onshore areas with known oil discoveries. The company’s core area is the Sultanate of Oman, where it holds interests in Blocks 3&4, Block 49, Block 56 and Block 58.
Tethys Oil has networking interest 2P reserves of 26.9 mm and networking interest 2C Contingent Resources of 13.9 mm and had an average oil production of 11,336 barrels per day from Blocks 3&4 during 2020.
Source Link: timesofoman.com