Tethys Oil Advised on Production Limitations, Suspends Financial Guidance for 2020

Source: www.gulfoilandgas.com 4/27/2020, Location: Middle East

Tethys Oil has been informed by the operator of Blocks 3&4, onshore Oman, that following the Sultanate of Oman’s participation in the OPEC+ production limitation agreement, Blocks 3&4 will be subject to production limitation from 1 May 2020.

Tethys Oil’s share of the production quota, before government take, for May and June 2020 will amount to 8,700 barrels of oil per day. The production quota will as of 1 July increase to 9,300 barrels of oil per day and remain at that level throughout 2020.

As a result, Tethys Oil suspends the previously announced financial guidance for 2020 regarding production (previously 12,600 – 13,400 bopd before government take), investments (previously MUSD 50 – 64) and operating expenses (previously USD 11.5 per barrel).


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