Tethys Oil’s director: “Spark Is Back in Oil Industry”

According to Tethys Oil’s managing director Magnus Nordin, the Swedish oil company is strong and proposes an extra dividend through redemption.

The Swedish Oil sector is not in crisis and the ‘spark’ seems to be back, according to Tethys Oil’s managing director Magnus Nordin. “2017 turned out to be very successful and offers great promise for the future,” he added.
In his last statement Nordin said that the company has registered increased revenues in the fourth quarter and full year of 2017, compared to the corresponding periods in 2016. To be more precise, Tethys registered revenues of $30.1 million in 4Q 2017 and $119.3 million for the full year, compared to revenues of $20.7 million and $87.1 million in 4Q 2016 and full year 2016, respectively.

The Swedish oil company is very active in Oman where discovered ‘significant’ amounts of oil in new structures near its producing fields in Blocks 3&4 last year. The Erfan, Ulfa and Samah discoveries are all currently undergoing long term production tests and have added more than 17 million barrels of 2C contingent resources to Tethys. In Oman Tethys holds 2 reserves of 21 mmbo and has oil production of about 12,000 barrels per day from Blocks 3&4. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania.

With those amazing results the board of Tethys Oil has proposed a regular dividend of SEK 2:00 per share and an “extraordinary capital transfer” of SEK 4.00 per share via redemption. The ordinary dividend, which was 1:00 crown per share last year, will be paid in two instalments: in May and November 2018 respectively. The dividend proposal is made “in light of Tethys Oil’s strong operational and financial position” and the additional dividend is “in accordance with Tethys Oil’s long-term capital structure goals”, writes the company’s CEO Magnus Nordin in the CEO’s report. Tethys had a net cash of $ 42 million at the end of the fourth quarter.

Our News

Norway’s Statoil Rebrands Itself as Equinor

Norwegian company Statoil will change its name to Equinor, to become a broad energy company rather than one focused only on oil Statoil the famous Norwegian Oil Company has proposed to...

Read More

Oil Prices Rise pushed by tensions in the Middle East and healthy Demand

Oil prices rise, lifted by tensions in the Middle East and healthy demand, although rising U.S. output continued to weigh on markets. Geopolitical tensions have driven the price of crude oil...

Read More

Total wins new offshore blocks in Abu Dhabi

The French group Total signed an agreement worth 1.45 billion dollars with the energy giant of the emirates Abu Dhabi National Oil Company (ADNOC). Last Sunday Total has acquired stakes in...

Read More

Tillerson’s firing injects uncertainty into oil markets

After the removal of Tillerson as secretary of State Trump could take punitive measures against Iran and Venezuela. The Tycoon has injected fresh uncertainty into oil markets on Tuesday by removing...

Read More

Total becomes the second biggest producer in the North Sea

With the acquisition of Maersk Oil, French oil major Total has strengthen its leadership among North Sea operators. Total has announced on Thursday its $7.5 billion purchase of Denmark's Maersk Oil...

Read More

Oil prices higher on potential U.S.-North Korea meeting

Positive markets on the US-North Korean "thaw". Crude oil futures rose on Friday as Asian stock markets gained on news that North Korean leader Kim Jong Un will meet with...

Read More

Mexico will licence 4 new auctions within 2018

Mexico wants to squeeze in a fifth oil auction this year, racing to put together a new package of shallow water heavy crude blocks for bidders before the current administration...

Read More

Greece kicks off Oil and Gas explorations

New drilling activity from France’s Total and Italy’s Edison in the west of the Country. The Greek Parliament gave its definitive 'green light' to 4 concessions for the exploration of many...

Read More

Iraq’s plans to boost oil production

The Iraqi government aims to intensify its oil activities, building new refineries, new oil pipelines and pumping water from the Gulf into oil reservoirs. To maintain its second place in the...

Read More

U.S. soon to be the leading oil producer by 2019

IEA Executive Director Fatih Birol said at an event in Tokyo the United States would overtake Russia as the biggest crude oil producer “definitely next year”, if not this year On...

Read More

Libya’s El Feel Oilfield Evacuated

Some workers at Libya’s Elephant oil field have been evacuated after guards withdrew in protest over pay Libya's NOC (National Oil Corporation) has evacuated its workers from the Elephant oil field,...

Read More

OPEC and non-OPEC together to study long-term oil cooperation

Agreement extension for the biggest Oil producers to manage Oil market. The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers, including Russia, will discuss long-term cooperation when they meet...

Read More

Become a partner

Our Partners


If you are interested in becoming a Dealoil partner please get in touch by emailing us at info@dealoil.co.uk. We look forward to hearing from you. The Dealoil team