Middle East Economic Survey


No 21



Tethys And Mitsui Sign Farm-Out Agreement For Omans Blocks 3 And 4

Swedens Tethys Oil has signed a farm-out agreement with Japans Mitsui and Co in which the latter will acquire a 20% interest in Omans onshore Blocks 3 and 4, it said on 19 May. Tethys will retain a 30% stake in the two blocks, while operator Consolidated Contractors Energy Development (Oman) will continue to hold a 50% interest. Mitsui will pay Tethys $20mn for its...