Production, Sales and Entitlement update third quarter 2024
Tethys Oil’s share of production from Blocks 3&4 during the third quarter 2024, before government take, amounted to 709,956 barrels of oil, corresponding to 7,717 barrels of oil per day. The net entitlement, Tethys Oil’s share of production after government take, amounted to 369,177 barrels of oil, corresponding to 52 percent of the total production. A total of 337,827 barrels of oil were sold in the quarter with an achieved oil price of USD 83.4 per barrel.
| Production (bbl)* | Net entitlement barrels (bbl)** | Oil sales (bbl) | Achieved oil price (USD/bbl) | |
| Q3 2024 | 709,956 | 369,177 | 337,827 | 83.4 |
| Q2 2024 | 699,575 | 363,779 | 386,951 | 84.3 |
| Q1 2024 | 730,878 | 380,053 | 364,859 | 79.5 |
| Q4 2023 | 772,515 | 401,708 | 383,004 | 90.4 |
| Q3 2023 | 780,676 | 405,952 | 417,275 | 76.9 |
| Full year 2023 | 3,218,625 | 1,673,685 | 1,735,025 | 82.4 |
| Full year 2022 | 3,628,074 | 1,664,363 | 1,585,534 | 94.2 |
* Before government take
** After government take
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 upon the level of production, oil price and recoverable costs incurred during the period. For further explanation of the calculation of net entitlement, see Tethys Oil’s annual report for 2023.
The oil sales of 337,827 barrels in the third quarter 2024 reflects the July, August and September lifting nominations. Consequently, the third quarter 2024 Achieved oil price reflects the Official Selling Price (“OSP”) of July to September 2024. Average Official Selling Price in that same period was USD 83.4 per barrel.
Tethys Oil’s interim report for the third quarter 2024 will be published on 5 November 2024 at approximately 7:30 CET.