Wedoany.com Report-Nov 27,  The Ministry of Energy and Minerals has approved the field development plan (FDP) for Block 56 in Oman, marking a significant milestone for Tethys Oil and its partners.

Following this approval, Block 56 has been declared commercial, and the exploration and production sharing agreement (EPSA) has been extended through 2044, a 20-year extension.

The approved FDP includes the development of the Al Jumd, Menna and Sarha discoveries, along with further exploration potential, with development activities set to begin in 2025.

The partnership for Block 56 consists of Tethys Oil as the operator (65%), Biyaq Oilfield Services (25%), with both Medco Arabia and Intaj holding 5% each.

Tethys Oil managing director Magnus Nordin said: “MEM’s approval of the Block 56 FDP is a great milestone for Tethys and our partners, and we are now looking forward to, over the coming years, delivering on the potential we see in the block.

“I would like to take this opportunity to thank the Ministry of Energy and Minerals for their cooperation and support. I would also like to thank our team for their hard work and our partners on Block 56, Biyaq Oilfield Services, Medco Arabia Ltd and Intaj LLC, for their valuable contributions.”

Block 56 covers an area of 5,808km² in south-eastern Oman, about 200km south of Blocks 3 and 4.

A total of 11 wells were drilled previously, with all but one showing signs of oil, although none were deemed commercial. However, testing of three wells in early 2020 confirmed the presence of an active petroleum system.