Tethys Oil has obtained a 20-year extension for Block 56 in Oman.

Tethys Oil, a Swedish energy corporation, has been granted a 20-year extension by the Ministry of Energy and Minerals to develop Concession Area 56 in Oman.

Muscat: The Sultanate of Oman’s ongoing attempts to encourage long-term investment in its energy industry are reflected in the deal, which now runs through 2044. The substantial financial commitment required for this development is demonstrated by the anticipated investment in the concession area, which is likely to reach RO 92.3 million (US$240 million).

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