MEM grants Block 56 development rights to Tethys Oil
Published: 02:11 PM,Nov 26,2024 | EDITED : 06:11 PM,Nov 26,2024
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MUSCAT: The Ministry of Energy and Minerals (mem) has awarded Tethys Oil the rights to develop Block 56, which has been declared a commercial area. The Exploration and Production Sharing Agreement (EPSA) for the block has been extended for an additional 20 years, now running through to 2044. This initiative aligns with the ministry’s ongoing efforts to harness natural resources responsibly, emphasising safety and environmental protection while striving to balance economic growth with environmental sustainability.
The project focuses on the development of discovered fields within the block, located in the southern region of Oman, covering the Wilayats of Al-Jazer and Shalim. Key fields in the area include the Jameed, Manah, and Sarhah fields, targeting oil extraction from the Khlaat and Kareem formations within the block’s expansive 5,808-square-kilometer area. The initiative also includes additional exploration activities in several promising locations with significant potential for future growth. Investment in Block 56 is expected to exceed $240 million in the coming period, with the potential for further investments as exploration and evaluation processes progress in subsequent phases.
This milestone underscores the commitment of the Directorate General of Oil and Gas Exploration and Production to efficient sector management, aimed at enhancing oil reserves and increasing production through ambitious developmental strategies. These efforts contribute to sustainable economic and social returns from natural resource utilization, bolster energy security, and support sustainable development in alignment with Oman Vision 2040.
The project focuses on the development of discovered fields within the block, located in the southern region of Oman, covering the Wilayats of Al-Jazer and Shalim. Key fields in the area include the Jameed, Manah, and Sarhah fields, targeting oil extraction from the Khlaat and Kareem formations within the block’s expansive 5,808-square-kilometer area. The initiative also includes additional exploration activities in several promising locations with significant potential for future growth. Investment in Block 56 is expected to exceed $240 million in the coming period, with the potential for further investments as exploration and evaluation processes progress in subsequent phases.
This milestone underscores the commitment of the Directorate General of Oil and Gas Exploration and Production to efficient sector management, aimed at enhancing oil reserves and increasing production through ambitious developmental strategies. These efforts contribute to sustainable economic and social returns from natural resource utilization, bolster energy security, and support sustainable development in alignment with Oman Vision 2040.