Tethys Oil
Tethys Oil is a Swedish upstream oil and gas company focused on onshore exploration and production in Oman, holding interests in five license blocks including the producing Blocks 3&4. Following Roc Oil's December 2024 acquisition and January 2025 delisting from Nasdaq Stockholm, Tethys Oil now operates as a privately held subsidiary.
- Company typePublic
- Founded2006
- HeadquartersStockholm, Sweden
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Tethys Oil does
Tethys Oil AB (publ) is a Swedish-domiciled, upstream oil and gas exploration and production company whose core asset base sits onshore in the Sultanate of Oman. The company holds working interests across five license areas totaling approximately 55,000 km²: Blocks 3&4 (30%, producing, EPSA valid until July 2040), Block 49 (100%, exploration, operator), Block 56 (65%, exploration, operator), Block 58 (100%, exploration, operator), and the Gargzdai license in Lithuania (25%, producing). Production operations utilize water injection for reservoir pressure maintenance and enhanced oil recovery across sandstone (Barik) and carbonate (Khufai, Lower Buah) reservoirs, with all Blocks 3&4 output transported via an 83 km pipeline to the national system and on to the Mina Al Fahal export terminal in Muscat.
The business model is straightforward upstream commodity production: Tethys Oil generates revenue by extracting and selling crude oil (API 32-45°) at global market prices under Omani EPSA production-sharing terms, with no pricing power and direct exposure to oil price volatility. The company does not maintain a software platform or proprietary commercial product beyond its license portfolio; cumulative net production from Blocks 3&4 since 2010 reached 35 million barrels and 2P reserves stood at 23.9 mmbo as of recent reporting, with 14.6 mmbo of 2C contingent resources providing future development optionality. Average daily production declined from 9,940 bpd in 2022 to 8,818 bpd in 2023, reflecting natural field decline at the mature producing asset.
In September 2024, Roc Oil Company Pty Limited announced a recommended public cash offer at SEK 58.70/share (total ~SEK 1.894 billion); the offer was declared unconditional in December 2024 with ROC acquiring approximately 90% of shares, and Nasdaq Stockholm approved delisting effective 10 January 2025. Tethys Oil now operates as a wholly-owned subsidiary of Roc Oil, with no continuing public reporting obligations. The company is headquartered in Stockholm, Sweden, with operational support offices in Muscat, Oman, and a small headcount of 11-50 employees consistent with a non-operated minority partner business model.
Tethys Oil firmographics
Firmographics- Name
- Tethys Oil
- Legal name
- Tethys Oil AB (publ)
- Website
- https://tethysoil.com
- Company type
- Public
- Founded year
- 2006
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- Tethys Oil is a Swedish upstream oil and gas company focused on onshore exploration and production in Oman, holding interests in five license blocks including the producing Blocks 3&4. Following Roc Oil's December 2024 acquisition and January 2025 delisting from Nasdaq Stockholm, Tethys Oil now operates as a privately held subsidiary.
- Ownership category
- akta.pro rank
Tethys Oil industry classification
Industry- Product category
- Onshore Oil Exploration and Production
- NAICS
- Oil and Gas Extraction (2111), Crude Petroleum Extraction (21112), Crude Petroleum Extraction (211120), Oil and Gas Extraction (211)
- SIC
- Crude Petroleum & Natural Gas (1311)
- akta.pro primary industry
- Mineral Rights, Leasing & Land Management (EUALAAAB)
Keywords
Where Tethys Oil is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices3 records
Markets served
Tethys Oil business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Technology or R&D, Infrastructure, Personnel
Revenue model
- Oil Production and Sales: Tethys Oil generates revenue through the production and sale of crude oil extracted from its license areas in Oman. The company sells oil through pipelines to the national export terminal. Revenue is commodity-price dependent and subject to production volumes and oil price fluctuations.
Distribution channels1 record
Marketing channels3 records
Tethys Oil product offering
Product offeringCore offering
Tethys Oil is an upstream oil and gas company that explores for and produces crude oil from onshore license areas, primarily in the Sultanate of Oman, and sells the production through pipeline infrastructure to the national export terminal for international sale. The company holds working interests across Blocks 3&4 (producing), Block 49 (exploration, operated), Block 56 (exploration, operated), Block 58 (exploration, operated), and a minority interest in the Gargzdai license in Lithuania.
Product overview
Tethys Oil is an oil exploration and production company operating as a portfolio of oil and gas asset licenses rather than a unified software platform. The company's product portfolio consists of five main assets: Block 3&4 in Oman (producing, with 30% interest), Block 49 (exploration, 100% interest), Block 56 (exploration, 65% interest and operatorship), Block 58 (exploration, 100% interest), and Gargzdai in Lithuania (production, 25% interest). The core business involves oil and gas prospecting, drilling, and production operations in onshore areas with known oil discoveries, primarily focused on the Sultanate of Oman.
Differentiator
Problem solved
Functional benefit
Products and services
- Block 3&4 Oil Production (Oman) Onshore oil production operations in Blocks 3&4 in the central eastern part of Oman, covering 29,130 km², with a 30% working interest held by Tethys Oil alongside CC Energy Development (50%, operator) and Mitsui E&P Middle East (20%). Producing fields include Farha South, Saiwan East, Shahd, Ulfa, Samha and Erfan, with cumulative net production of 35 million barrels from 2010 to 2019.
- Block 49 Exploration (Oman) Onshore exploration license covering 15,439 km² in southwest Oman, bordering Saudi Arabia, with 100% working interest held and operated by Tethys Oil. Currently in the initial exploration phase, with nine historic wells (including Dauka-1) drilled by previous operators reporting oil shows.
- Block 56 Exploration (Oman) Onshore exploration license covering 5,808 km² in southeastern Oman, approximately 200 km south of Blocks 3&4, with 65% working interest and operatorship held by Tethys Oil alongside partners Medco, Biyaq and Intaj.
- Block 58 Exploration (Oman) Onshore Exploration and Production Sharing Agreement (EPSA) license in southern Oman adjacent to Block 49, with 100% license interest and operatorship held by Tethys Oil.
- Gargzdai Production (Lithuania) Oil production operations in Lithuania covering 884 km², with Tethys Oil holding a 25% working interest alongside partners Odin Energi and Geonafta. Production-stage asset outside the core Oman area.
Quantifiable outcome
- 9,940 barrels per day average production in 2022
- +2 more outcomes
Companies that use Tethys Oil
Customer profileSegments1 record
Ideal customer profiles1 record
Tethys Oil technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Tethys Oil partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- CC Energy Development S.A.L. (Oman branch)coreCCED is the operator of Blocks 3&4 in Oman, holding 50% working interest. Tethys Oil holds 30% through its wholly owned subsidiary Tethys Oil Block 3 & 4 Ltd.
- Mitsui E&P Middle East B.V.coreMitsui holds 20% working interest in Blocks 3&4, partnering with Tethys Oil (30%) and CCED (50%) in the production sharing agreement.
- EOG ResourcesminorEOG Resources previously held an interest in Block 49 but announced its withdrawal in 2021. Tethys Oil is in the process of obtaining government approval to hold 100% interest.
- Medco, Biyaq, IntajcorePartners in Block 56 where Tethys Oil holds 65% and serves as operator. The block covers 5,808 km² in southeastern Oman.
- Odin Energi, GeonaftaminorPartners in the Gargzdai license in Lithuania where Tethys Oil holds 25% interest. This is a production-stage asset in Lithuania.
Scale indicators9 records
Recent moves7 records
Expansion highlights4 records
Tethys Oil competitors and assessment
Company assessmentMarket position
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Tethys Oil social profiles
Digital presenceTethys Oil compliance and trust
Trust signalCompliance1 record
Tethys Oil financial estimates
Financial estimateRevenue estimate
Valuation estimate
Tethys Oil leadership team
Management profileNumber of profiles
Profiles3 records
Tethys Oil subsidiaries and ownership
Company hierarchySubsidiaries1 record
Tethys Oil funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Tethys Oil M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Tethys Oil
What does Tethys Oil do?
Tethys Oil is an upstream oil and gas company that explores for and produces crude oil from onshore license areas, primarily in the Sultanate of Oman, and sells the production through pipeline infrastructure to the national export terminal for international sale. The company holds working interests across Blocks 3&4 (producing), Block 49 (exploration, operated), Block 56 (exploration, operated), Block 58 (exploration, operated), and a minority interest in the Gargzdai license in Lithuania.
Is Tethys Oil a public or private company?
Tethys Oil is a public company. It is classified as corporate owned and is currently acquired.
When was Tethys Oil founded?
Tethys Oil was founded in 2006. It employs 11 to 50 people.
Where is Tethys Oil based?
Tethys Oil is headquartered in Stockholm, Sweden, in the Europe region.
How does Tethys Oil make money?
One revenue line is on record: oil Production and Sales.
Does Tethys Oil have an API?
No public API is recorded for Tethys Oil.
What industry is Tethys Oil in?
Tethys Oil's product category is Onshore Oil Exploration and Production. Its primary akta.pro industry code is EUALAAAB, Mineral Rights, Leasing & Land Management. Its NAICS code is 2111 and its SIC code is 1311.