Tethys Oil
Annual Report 2024

24
Annual and 
Sustainability 
Report 2024

The year in brief	
4
Sustainability statements	
6
 
−Business model	
6
 
−Sustainability at Tethys Oil	
10
 
−About this report	
13
 
−Stakeholder engagement and materiality 
assessment	
14
 
−Key sustainability risks	
16
 
−Environment	
19
 
−Social and safety	
28
 
−Governance	
39
 
−Performance data	
48
 
−TCFD index	
52
 
−GRI index	
53
Administration report	
57
Financial statements for the Group	
66
Financial statements for the Parent company	
70
Notes	
74
Key financial data and definitions	
88
Assurance	
90
Auditor’s report	
91
Contents
STOCKHOLM 
OFFICE
The Muscat office is the base for Tethys Oil’s  
team of geologists, engineers and operations 
specialists together with finanace and 
administrative staff. 
Tethys Oil’s head office is located in Stockholm, 
Sweden. It is the base for the Managing Director, 
the Chief Financial Officer, the Chief Legal Officer 
and the Head of Energy Investments, along with 
Tethys Oil’s finance, business development, 
human resources, sustainability 
and communications staff.
More information on Tethys Oil’s employees can 
be found on pages 28 to 35. 
THE MUSCAT 
OFFICE
The year in brief
4
Sustainability statements
6
– Business model
6
– Sustainability at Tethys Oil
10
– About this report
13
– Stakeholder engagement and materiality 
assessment
14
– Key sustainability risks
16
– Environment
19
– Social and safety
28
– Governance
39
– Performance data
48
– TCFD index
52
– GRI index
53
Administration report
57
Financial statements for the Group
66
Financial statements for the Parent company
70
Notes
74
Key financial data and definitions
88
Assurance
90
Auditor’s report
91

Tethys Oil is an oil exploration and production company with focus 
on onshore areas with known oil discoveries. Founded in 2001, 
with headquarters in Stockholm, the Group’s core area of 
operations is the Sultanate of Oman, where it has been active 
since 2006. Tethys Oil currently holds interests in the Exploration 
and Production Sharing Agreements (EPSA) for blocks that cover 
an area totalling 18 percent of Oman and is one of the largest 
acreage holders in the country. From its producing assets on 
Blocks 3&4, the Group had a production of 7,889 barrels of oil 
per day in 2024.
54,934
7,889
km2
barrels
average oil production 
per day from Blocks 3&4 
in 2024
area of operated and 
non-operated blocks
Sultanate 
of Oman
Block 49
Block 56
Blocks 3&4
Block 58
Tethys Oil Annual Report 2024
3
Introduction

2024 in brief
2024 was another year with high activity 
across Tethys Oil’s oil and gas portfolio – 
during which both exploration and produc­
tion activities received equal focus. In 
February, the Board of Directors initiated 
a strategic review of the Group’s portfolio 
of oil and gas assets. This process was 
concluded by a tender offer for the whole 
Group by Roc Oil Company Pty Limited, a 
transaction which closed in late December 
2024. Tethys Oil’s shares were delisted 
from Nasdaq Stockholm in January 2025. 
Production from Blocks 3&4 was 7,889 
bopd in 2024. In the first half of 2024, 
production was impacted by severe 
weather conditions and their aftermath. 
In the year’s second half, production 
stabilised and recovered following 
production assurance initiatives and 
successful development drilling. On Block 
3, two successful exploration wells were 
drilled on either side of the main Farha 
trend. On Block 4, the Shallal-1 well was 
drilled with the aim of testing the 
commercial potential of the heavy oil in 
the area. The multi-year seismic coverage 
programme on Block 4 concluded with 
6,200 km2 of seismic being acquired. The 
processing and interpretation of the 
collected data is ongoing.
The second phase of the Gas-to-Power 
project on Blocks 3&4 was rolled out in 
2024. The aim of the project is to reduce 
routine flaring and the use of diesel 
generators by using the associated gas 
produced for power generation. In total, 
around 90 producing wells were 
connected to the power plant by the end 
of the year. The project led to an increase 
in gas utilisation by 630 percent and a 
reduction in flaring by 10 percent taking 
the Group closer to the World Bank’s goal 
of “Zero Routine Flaring by 2030”.
In June, Tethys Oil submitted a field 
development plan (FDP) for Block 56 to 
the Ministry of Energy and Minerals 
(MEM). The FDP covers the development 
of three discoveries in the Eastern Flank 
area as well as a plan to appraise and 
develop nearby leads and prospects. The 
plan was approved in November when the 
block was declared commercial, and 
Tethys Oil and its partners on the block 
were awarded an extension of the EPSA 
until 2044. The declaration of commer­
ciality is a significant milestone for Tethys 
Oil as it will be the first time the Group 
operates a commercially producing oil 
field. Development and drilling activities 
are expected to commence before the 
end of 2025.
On Block 58, the focus of 2024 was 
preparing for and drilling the Kunooz-1 
exploration well. While the well was 
unable to confirm the presence of 
hydrocarbons during testing, the drilling 
and open-hole testing performed were 
operational successes with no incidents. 
The well yielded an increased under­
standing of the play’s prospectivity, and 
additional analysis and evaluation are 
planned for 2025. 
On Block 49, following discussions with 
MEM, Tethys Oil entered the second 
exploration phase in March 2024. The 
second exploration phase extended the 
EPSA until December 2026.
Financial summary
MUSD (unless specifically stated)
2024
2023
2022
2021
2020
Average daily production Blocks 3&4, before government take, bbl 
7,889
8,818
9,940
11,136
11,336
Achieved oil price per barrel, USD
80.7
82.4
94.2
62.8
47.7
Revenue and other income
120.9
138.2
156.5
112.7
101.1
EBITDA
54.4
73.5
99.1
61.4
50.4
Cash and cash equivalents
16.0
25.8
41.5
68.6
55.4
Investments in oil and gas properties
81.1
81.7
89.1
35.2
45.4
Free cash flow
-37.3
0.8
-2.3
29.7
6.7
The year in brief
Tethys Oil Annual Report 2024
4

0
3,000
6,000
9,000
12,000
2024
2023
2022
2021
2020
Bopd (bbl)
Blocks 3&4
Block 49
Block 56
Block 58
0
22
44
66
88
2024
2023
2022
2021*
2020
MUSD
Revenue and other income
EBITDA
0
40
80
120
160
MUSD
2024
2023
2022
2021
2020
Netback
Netback (net of capex)
0
8
16
24
32
2024
2023
2022
2021
2020
MUSD
Production per day, barrels
Financials
Netback 
Investments oil & gas assets
*	2021 investments for Block 49 are presented 
adjusted for effects of the farmout to EOG
1.80
Carbon emissions/
revenue (kg CO2e/USD)
(1.70 kg CO2e/USD)
0.00
Lost-time injury rate, 
operated blocks (LTIR)
(0.00h per 1 mn hours 
worked)
668
Flaring intensity (scf/bbl)
(715 scf/bbl)
The year in brief
Tethys Oil Annual Report 2024
5

Business model: Tethys Oil’s 
position in the value chain
The oil and gas industry is a vital part of the global economy, providing energy for 
transportation, heating, electricity generation and various industrial processes. 
The industry is divided into three sectors: upstream, midstream and downstream.
Upstream
The upstream sector includes the 
entire exploration and production life 
cycle. From exploration activities 
such as seismic surveys and 
exploration and appraisal drilling to 
the development, production and 
sales of oil and gas.
Midstream
The midstream sector covers the 
storage, transportation and distribution 
aspects of the industry. Important 
elements include building and 
operating pipelines and other transport 
methods such as oil tankers as well as 
physical trading of oil and gas and 
related products.
Downstream 
The downstream sector faces the end-
consumer and focus on the refining, 
marketing and distribution of petroleum 
products, including gasoline, diesel jet 
fuel, lubricants and petrochemicals, 
through various channels such as filling 
stations, wholesale distribution and 
direct sales to industrial customers.
1. 
Licence 
awarded
2. 
Geological & 
geophysical
3. 
Exploration 
drilling
4. 
Appraisal
5. 
Development
6. 
Production
E&P life cycle
Tethys Oil’s exploration and production life cycle
The stages represent an overview of the process from 
licence award to production, which is complex 
and involves ­risks and opportunities at each step.
4.
Additional wells are drilled in the 
appraisal stage to determine 
extent of discoveries.
5.
Development starts, 
including construction of 
production infrastructure.
6.
Production begins and the 
extracted oil is being 
transported to buyers. 
1.
A licence is awarded from 
the government to explore for oil 
in a specific area.
2. 
Geological & geophysical (G&G) 
includes surface geology and 
seismic surveys where 
geoscientists try to identify 
potential hydrocarbon deposits.
3.
Exploration drilling based on 
findings of G&G studies.
Sustainability statements – Business model
Tethys Oil Annual Report 2024
6

Tethys Oil’s position 
Tethys Oil is active in the upstream oil and gas industry, working 
across the whole lifecycle of exploration, appraisal, develop­
ment, and production. Tethys Oil seeks to build, maintain and 
expand a well-balanced portfolio of oil assets, offering a 
measured exposure to onshore production, development, 
appraisal and exploration potential. 
Onshore areas 
with known oil 
discoveries
Development 
and production
Exploration 
and appraisal
S
u
s
t
a
i
n
a
b
l
e
 
o
p
e
r
a
t
i
o
n
s
Potential global oil 
reserve deficits
Increase in energy 
demand
Access to high-
potential, yet 
underexplored, 
areas
Shareholder
value
Energy 
security
Reserves and 
production 
growth
Tethys Oil’s business model
F
l
e
x
i
b
l
e
 
a
n
d
 
l
o
w
 
c
o
s
t
d
e
v
e
l
o
p
m
e
n
t
 
c
o
n
c
e
p
t
The Group focuses on geographies with proven petroleum 
systems, existing infrastructure, established institutional 
frameworks and low political risk. In all its activities, Tethys Oil 
seeks a balanced approach to risk, creating value through 
responsible oil and gas exploration and production. 
Tethys Oil Annual Report 2024
7
Sustainability statements – Business model
Sustainability statements – Business model

Tethys Oil focuses its value creation 
process on the high potential, yet 
underexplored, areas flanking the basins 
that currently constitute most of Oman’s 
oil production. So far, Tethys Oil’s main 
success story is Blocks 3&4, with 45.6 
million barrels of oil produced for Tethys 
Oil and with continued significant 
exploration potential remaining. Tethys 
Oil aims to explore, appraise and develop 
its operated blocks to bring them to 
commercial production. In its operations, 
the Group aims for low-cost drilling and 
exploration near established 
infrastructure in areas with the potential 
for short discovery to production cycles. 
In 2024, this strategy proved its strength 
as Block 56 was declared commercial 
and Tethys Oil remains committed to 
continue pursuing the under­explored 
opportunities in Oman and elsewhere. 
Tethys Oil’s exploration strategy
Licences & 
agreements
Area, km²
Tethys Oil 
interest
Initial 
exploration 
phase
Second 
exploration 
phase
Production and 
development 
phase
Expiry date
Partners
(operator in bold)
Blocks 3&4, Oman
29,130
30%
July 2040
CCED, Tethys Oil, Mitsui
Block 49, Oman
15,439
100%
December 2026
Tethys Oil
Block 56, Oman
5,808
65%
November 2044
Tethys Oil, Medco, Biyaq, Intaj
Block 58, Oman
4,557
100%
July 2025
Tethys Oil
Sustainability statements – Business model
Tethys Oil Annual Report 2024
8

52
ENI
6
PDO
22
Open
23
Open
42
Open
41
Open
21
Open
18
Open
38
CC Energy
36
Open
43B
Open
4
CC Energy
31
ARA
12
Total
49
Tethys Oil
47
ENI
39
Petrotel
55
Shell
43A
Open
50
Masirah Oil Ltd
NLS
66
Open
51
Occidental
54
Lasso
61
BP
56
Tethys Oil
58
Tethys Oil
40
Open 
74
CC Energy
73
Open
7
HCF
77
ENI
3
CC Energy
75
Open
9
Occidental
62 Oil
Open
72
Occidental
15
Open
44
ARA
30
Occidental
48
OQ
17
Petrotel 
57
Petroleb
67
Petrotel
62
Occidental
60
OQ
5
Daleel
76
Open
27
Occidental
70
Maha
65
Occidental
Vacant
Open
53
Occidental
71
Majan
8
MOGC
8
MOGC
Madha
10
11
11
Shell
Shell
Shell
Muscat
Salalah
Musandam
49
Tethys Oil
58
Tethys Oil
56
Tethys Oil
4
CC Energy
3
3
CC Energy
100
0
50
100 kilometres
What is an EPSA and a block?  
A block is a specific defined area that can 
be licensed by a state to companies for a 
specific purpose, such as oil exploration 
or production. The rights and obligations of 
the licensee are governed by a license 
agreement negotiated between the 
company and the responsible authority. In 
Oman, this relationship is regulated through 
a so-called Exploration and Production 
Sharing Agreement (EPSA). EPSA is an 
agreement between oil companies and the 
Sultanate of Oman and regulates the terms 
and conditions of the company’s oil 
exploration and possible production. The 
conditions include percentages for cost 
recovery, profit sharing and tax.
What is an operator?
Co-ownership of licenses is very 
common in the oil and gas 
­industry. The terms and condi­
tions for co-ownership are often 
partly regulated in the licensing 
agreements, but in cases where 
this is not suffi­cient, the 
co-owning companies often enter 
a ­so-called Joint Opera­tions 
Agreement (JOA). One of the main 
issues regulated by licensing 
agreements and JOA is the role of 
the operator. The operator is the 
partner who has operational 
responsibility for the operations, 
while non-operator partners have 
a monitoring obligation. Tethys Oil 
is the operator in Block 49, 
Block 56, and Block 58. CCED is 
the operator of Blocks 3&4.
Sustainability statements – Business model
Tethys Oil Annual Report 2024
9

Sustainability at Tethys Oil
Tethys Oil’s approach to sustainability
Tethys Oil recognises the critical interplay 
between sustainable practices and its 
role within the global energy landscape. 
In the spirit of responsible resource 
management, Tethys Oil’s commitment to 
sustainability spans across 
environmental, social, and governance 
dimensions. By fostering a delicate 
balance between profitability, societal 
well-being, and environmental 
stewardship, Tethys Oil aspire to pave the 
Tethys Oil is an oil and gas exploration and production company with a primary objective 
of creating shareholder value by working across the whole upstream industry lifecycle 
of exploration, appraisal, development, and production. A central belief in the business 
model is to explore for and produce oil and gas in an economically, socially and 
environmentally responsible way. The Group applies the same standards to its 
activities worldwide to satisfy both its commercial and ethical requirements in 
accordance with the Group’s Code of Conduct. Tethys Oil seeks to be a sustainable and 
profitable business long-term. Sustainability means running a business that is not only 
profitable, but that is also aligned with the requirements and expectations of the 
Group’s external and internal stakeholders.
Tethys Oil’s vision is that growth continues through successful exploration. It seeks to 
build, maintain and expand a well-balanced and self-financed portfolio of oil assets, 
offering a measured exposure to onshore production, development, appraisal and 
exploration potential. The focus of today and tomorrow is on geographies with proven 
petroleum systems, existing infrastructure, established institutional frameworks and 
low political risk. In all its activities, Tethys Oil seeks a balanced approach to risk.
Tethys Oil’s corporate culture emanates from the Group’s Scandinavian roots. It is the 
responsibility of Tethys Oil’s management to foster a corporate culture that promotes 
the values and principles outlined in the Group’s Code of Conduct. Tethys Oil aims to 
act in a responsible, fair, accountable and ethical manner towards all aspects of the 
environment and to all individuals and entities that the Group encounters in its course 
of doing business. Tethys Oil aims to apply the same standards to all its activities 
wherever they are carried out. It is of vital importance to Tethys Oil that the Group 
maintains and further builds on its reputation as a responsible and forward-looking 
corporate citizen in all countries where Tethys Oil has a presence and in relation to all 
stakeholders, may they be shareholders, employees, contractors, partners or someone 
else.
Mission
Vision
Values 
way toward a more sustainable energy 
future. Tethys Oil’s sustainability strategy 
has evolved with its mission to create 
lasting shareholder value through 
responsible oil and gas exploration and 
production. With a vision of measured 
growth, Tethys Oil seek to cultivate a 
balanced portfolio of oil assets, guided 
by a commitment to prudent risk 
management. Tethys Oil’s corporate 
­culture is characterised by the values of 
responsibility, fairness, and ­ethical 
conduct, fostering a reputation as a forward-
thinking and conscientious corporate citizen 
across all its global operations. Tethys Oil’s 
strategy is rooted in its commitment to serve 
stakeholders, its long-term growth 
objectives, and the ­ethical principles that 
define its culture, all of which are 
encapsulated in the ­Group’s ­mission, vision, 
and values. For more information about 
Tethys Oils sustainability work, please see 
the pages 11–55.
Sustainability statements – Sustainability at Tethys Oil
Tethys Oil Annual Report 2024
10
10
Tethys Oil Annual Report 2024

Tethys Oil’s sustainability strategy
Within the three focus areas Environment, Social & Safety and Governance, Tethys Oil 
has identified material topics with the potential to impact and affect people’s lives for the 
better. The focus areas are followed up with KPIs, action plans and long-term goals and 
targets to ensure progress and performance management. The focus areas contribute to 
several of the UN Sustainable Development Goals.
Environment is about conducting 
operations with minimal disturbance to 
the environment and to the people living 
nearby. Potential disturbances could for 
example affect the local ecosystems, 
water, air and human health. 
Social and safety is Tethys Oil’s focus 
area concerning its relationships with 
external and internal stakeholders. 
Externally, Tethys Oil, as an oil and gas 
company, operates in environments 
where the risk of accidents is always 
present, and its operations could impact 
local communities. Internally, an 
inclusive, diverse, and safe workplace is 
a key aspect of Tethys Oil’s success and 
vital in supporting the Group’s strategy 
on all levels.
Governance refers to corporate 
governance as an integral part of Tethys 
Oil, guiding the Group in its decision-­
making, corporate culture and business 
objectives. Tethys Oil is committed to 
conduct business honestly, safely, 
ethically, and with integrity in full 
compliance with laws, rules, and 
regulations applicable to the business in 
the countries in which it operates.
Goal: No Net Loss of ­biodiversity 
and ­prevention of operations in​ 
­critical habitats
Goal: Make a positive impact 
in ­the​ ­communities where the 
Group operates
Goal: Strengthen and​ uphold a 
high standard of integrity and​ 
ethical ­business conduct
Goal:​ Integrate climate risk into the 
Group business decisions and​ 
organisational strategy
Goal:​ Zero harm
Goal: Foster a diverse and ­
inclusive ­workplace
Biodiversity & ecosystems
Affected communities
Business conduct
Emission management​
Own workforce – health & safety
Equal treatment 
and opportunity for all
Please refer to section in the Sustainability statement, pages 9–55 for the full 
disclosure of the material topics’ goals, targets and KPIs. 
The material topics have individual goals, targets and KPIs that Tethys Oil 
­follow up on continuously and communicate the development and progress 
on yearly.
Environment
Social and safety
Governance
Sustainability statements – Sustainability at Tethys Oil
Tethys Oil Annual Report 2024
11
Goal:​ Resilience to a 
low-carbon future
Business resilience

ESG scorecard report 
with target and approach
Material issue
Primary KPI 
Target 
Performance 2024 
(2023)
Action plan
Annual 
performance 
against target
Aligned 
with SDG
Environmental
Emission 
management
Flaring intensity 
(scf/bbl.)
Zero operational 
routine flaring by 
2030.
668 scf/bbl 
(715)
2% decrease
Endorse and support 
operator emissions 
and energy reduction 
initiatives.
Biodiversity & 
ecosystems
Hydrocarbon 
spills (oil spills 
per million tones 
of production).
•	Zero Tier 1 
hydrocarbon 
releases.
•	No significant 
environmental 
incidents.
Spill intensity:
•	Blocks 3&4: 
0.032
•	Block 56: 
0.0
Zero Tier 1 spills.
•	Risk assessments & 
hazard identification 
plan for spill prevention 
on operated blocks.
•	Initiate collaborations 
in biodiversity conser­
vation programmes.
Social and safety
Affected 
communities
# community 
engagement 
projects locally, 
regionally and 
nationally.
Ongoing long-term 
community 
engagement 
projects in local, 
regional and 
national/
international level.
•	Blocks 49,56,58 
limited to local 
projects
•	Blocks 3&4 fulfills 
goal
Engaging with local 
­communities to ensure a 
positive impact through 
CSR projects and 
­beneficial initiatives for 
impacting the resilience 
and vitality of local 
­communities.
Own workforce 
health & safety
Lost-time injury 
frequency rate 
(LTIR).
Better occupational 
health and safety 
records than 
industry standards.
•	Tethys Oil  incl. 
contractors LTIR: 
0.00 
•	CCED LTIR: 0.61
Continuous improvement 
in lost-time injuries 
­frequency through 
­rigorous health & safety 
related training and 
­pre-operational risk 
assessments.
Equal 
treatment and 
opportunity 
for all
# reported 
cases of 
­discrimination.
•	Human Rights and 
anti-discrimination 
training: 100% 
employees trained 
in policy.
•	Zero cases of 
reported 
­discrimination. 
•	Zero cases of 
reported discri­
mina­tion.
•	Employee satis­
faction rate 77% 
based on annual 
survey.
Fostering a diverse and 
inclusive workplace 
though awareness 
­campaigns and policy 
declarations. 
Governance
Business 
conduct
Employees 
completed the 
Code of Conduct 
course (%).
100% target 
employees trained 
on Code of Conduct 
and relevant policies 
and procedures.
100% employees 
trained in relevant 
policies.
Continue to hold ethical 
business conduct 
training with a focus on 
zero-tolerance of bribery 
and other forms of 
corruption.
Sustainability statements – Sustainability at Tethys Oil
Tethys Oil Annual Report 2024
12

Sustainability statements
Reporting frameworks and principles 
The report’s emission data accounts for Greenhouse Gas (GHG) 
emissions according to GHG Protocol Corporate Accounting and 
Reporting Standard. The approaches are the equity share 
method and the operational control method in the performance 
data, while the reporting on general material issues is based on 
operational control approach if not stated otherwise. Tethys Oil 
accounts for 100 percent of the GHG emissions on the blocks 
where it has operational control. Blocks in which the Group has 
a non-operator equity share will be accounted as Scope III 
(Category 15: Investments) emissions. The GHG Protocol 
standards have been adopted for the report, as well as GHG 
reporting frameworks and disclosure schemes. 
Tethys Oil adopts the Task force on Climate-related Financial 
Disclosures (TCFD) guidance to analyse and understand the 
Group’s key climate-related risks and the reporting is aligned 
with the recommendations. Tethys Oil’s TCFD index is provided 
on page 52. Where relevant, the report also highlights the 
Group’s priorities regarding the UN Sustainable Development 
Goals (SDG). Nine SDGs have been identified to illustrate where 
the Group has material contributions. 
Tethys Oil’s Sustainability Statements 2024 have been prepared 
with reference to the GRI Sustainability Reporting Standards (GRI 
Standards). The information provided in the GRI index on page 53 
is reported for the period from January 1, 2024, to December 31, 
2024. Applicable GRI Sector Standard – GRI 11: Oil and Gas 
2021.
Reporting boundaries 
Joint Operating Agreements (JOA) are particularly common in 
the oil and gas industry. Within each JOA, one company is 
assigned the operator status, and each partner has a per­
centage of owned equity. This distinction is important as the 
operatorship role manages the operations and has the day-to-
day ­control of the asset, while non-operator partners have a 
see-to duty. Data for non-operated blocks will be presented in 
both equity interest and operational control basis. For all the 
Group’s material topics and metrics, the metrics are oriented on 
an operated basis.
Pages 9–55 in Tethys Oil’s annual report constitute the Group’s 
Sustainability Statements 2024 and complies with the Non-
Financial reporting requirements implemented in Swedish law, 
The Annual Accounts Act 1995:1554 (Årsredovisnings­lagen), 
implemented through the EU directive 2014/95/EU. This 
Sustainability Report is produced in accordance with the Annual 
Accounts Act (ÅRL Chapter 6, 10-14) and encompasses Tethys 
Oil AB (publ) and its subsidiaries. The Board of Directors is 
responsible for the preparation of the report. 
In this report, Tethys Oil presents and describes its operations’ 
Environmental, Social and Governance (ESG) performance along 
with sustainability impacts, risks and opportunities, and aims to 
explain the organisation’s approach to managing the material 
topics and their impacts. Based on the materiality analysis, the 
Sustainability Statements summarises activities and reflects the 
issues most relevant to the business. The report outlines why 
sustainability is pertinent to Tethys Oil, the Group’s priorities and 
responsibilities, how progress is measured as well as the 
processes of managing each material topic. 
The scope of Tethys Oil’s Sustainability Statements 2024
Tethys Oil’s Sustainability Statements 2024 covers the opera­
tions as consolidated in the 2024 Annual Report. In Blocks 3&4 
where Tethys Oil is not assigned the role of operator, the Group 
is an equity interest partner. The Sustainability Statements 
reflect impacts in both operated and non-operated EPSAs. 
­However, the reporting of the measures taken to reduce sustain­
ability impacts is focused on the blocks where Tethys Oil is the 
operator, hence having the control over the decision making of 
the day-to-day operations. 
Due to its limited exposure and Tethys Oil’s divestment from 
the associated Lithuanian company Minijos Nafta in 2024, no 
data from the company is included in the report.  
All ESG related issues are consistent through all activities, 
however the materiality of the impacts varies depending on the 
nature of the activity, and if the activity takes place in a produc­
tion or exploration phase. 
The report covers water usage on a Group level for operated 
blocks, non-operated blocks and offices. However, due to the 
small volumes needed during exploration phases, water usage 
is not considered a material topic. 
About this report
Tethys Oil Annual Report 2024
13
Sustainability statements – About this report

In line with Tethys Oil’s commitment to sustainable development 
and regulatory compliance, the presentation of the results from 
the 2023 double materiality assessment was retuned in 2024. 
The work on the assessment focused on aligning Tethys Oil’s 
reporting with the Corporate Sustainability Reporting Directive 
(CSRD) and European Sustainability Reporting Standards 
(ESRS), as well as future EU requirements.
The 2024 assessment re-evaluated material topics based on 
ESRS, prioritising sustainability elements that reflect both 
Tethys Oil’s impact on the environment and society, as well as 
the ESG related financial risks and opportunities. Through this 
updated framework, Tethys Oil assessed its sustainability 
strategy across the environmental, social, and governance 
categories.
Double 
materiality 
assessment 
Stakeholder engagement
Building on the comprehensive stakeholder analysis conducted 
in 2023, Tethys Oil continued to actively engage with stake­
holders throughout 2024. A key focus for the year was the 
engagement effort aimed at maintaining an open dialogue on 
sustainability priorities. These activities included follow-up 
discussions, and targeted interviews with stakeholders across 
the primary groups: internal, external, and connected 
stakeholders.
In 2024, Tethys Oil’s Sustainability team maintained and 
strengthened its engagement framework, ensuring that feed­
back is consistently gathered, analysed, and integrated into the 
planning and decision-making processes. Stakeholders 
participated in structured discussions, providing valuable 
insights into key ESG areas, and the findings from these 
engagements have enhanced the double materiality 
assessment.
The sustainability engagements in 2024 confirmed the 
previous year’s findings, highlighting core ESG priorities. In 
2024, the most important issues identified remain “Emissions” 
within Environment, “Own Workforce (Health and Safety)” within 
Social and safety, and “Business conduct” within Governance. 
Qualitative feedback gathered from the 2024 engagements 
also offered fresh perspectives, which the Sustainability team 
and IR workgroup use to enhance transparency and detail in 
Group communication. This ongoing dialogue is critical to Tethys 
Oil’s goal of evolving its sustainability efforts and reporting to 
meet stakeholder expectations and further align the Group with 
best practices for its ESG reporting.
Stakeholder map
Business partners 
Contractors (incl. suppliers 
and distributors) 
Independent auditors 
Potential investors 
Financial institutions 
Host communities and 
the surrounding environment 
Governmental bodies 
Regulatory entities 
Non-governmental organisations 
Industry associations 
Media and opinion shapers 
Rating agencies
Current shareholders 
Employees 
The Board of Directors 
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Phase 1: Selection of relevant stakeholder groups and 
15 material topics for consideration.
Phase 2: Interviews with internal, external and connected 
stakeholders. Stakeholders are asked for their views on 
Tethys Oil’s impacts, risks and opportunities regarding 
the topics in their respective categories.
Phase 3: Survey with selected members of Tethys Oil 
­management to estimate the financial impacts of each 
topic associated with its risk exposure. After consolidating 
the results from the survey a double materiality map is 
obtained.
Tethys Oil Annual Report 2024
14
Sustainability statements – Stakeholder engagement and materiality assessment

Double materiality map
Reserves valuation & 
capital expenditures
Own workforce 
– health & safety
Business 
continuation & 
crisis management
Business conduct
Supply chain
management
Climate change
Affected 
communities
Biodiversity
Air quality
People
Labour
Water
Data
Pollution
Stakeholder impact
Financial impact
The scope of the governance reporting has been streamlined, 
with “Business Conduct” being the primary governance topic, 
which is in alignment with ESRS. As a result, “Business 
Resilience” is no longer included as a standalone material topic, 
reflecting a more focused governance approach per CSRD 
requirements. This change focuses the Group’s efforts on the 
transparent and ethical business practices that remain core to 
Tethys Oil’s values.
The double materiality assessment was informed by direct 
dialogue with key stakeholders, combined with current research 
on environmental, social, and economic challenges within the oil 
and gas sector. Tethys Oil evaluated both its direct and indirect 
impacts, looking at operations within its value chain and 
prioritising material topics for immediate and long-term focus.
Tethys Oil’s material topics for 2024, aligned with ESRS
Business
Environment & society
Inside-out
Environmental & social materiality
Traditional Materiality Assessment
Outside-in
Business/financial materiality
Traditional risk management approach
Stakeholder 
impact
Financial 
impact
•	Environment: biodiversity & ecosystems, 
emission management
•	Social and safety: affected communities and own 
workforce (health & safety, equal opportunity)
•	Governance: business conduct
These topics have been carefully prioritised by Tethys Oil’s 
internal experts and management team. Activities that have 
been carried out during the year to manage and mitigate 
impacts related to each material topic are detailed in this report, 
underscoring Tethys Oil’s proactive approach to responsible and 
sustainable growth.
Tethys Oil Annual Report 2024
15
Sustainability statements – Stakeholder engagement and materiality assessment

Materiality
Risk
Risk type
Risk description
Detection, preventive 
and mitigating measures 
(control, documents, action plan, etc.)
Environmental risks
Emission
Carbon pricing
Environmental
Carbon pricing of 135–250 
USD per tonne of CO2eq within 
TCFD exercise.
The use of an internal carbon pricing 
model. Including financial alternative costs 
scenarios.
Biodiversity 
and ecosystems
Oil spills and negative 
biodiversity impacts
Operational
Material oil spills leading to 
environmental and/or 
reputational damage as well 
as potential legal, operational 
and financial ramifications.
Continuous QA of oil producing 
infrastructure including leak reduction 
programmes and ­production assurance 
programmes. 
Social and safety risks
Affected communities
Local community 
tensions and 
grievances
Socio-political
The risk of a negative impact 
from Tethys Oil's operations 
on local communities, their 
quality of life and damages to 
­heritages sites and other 
­important areas.
Tethys Oil engages in an active dialogue 
with local stakeholders in order to 
understand the concerns surrounding the 
Group’s ­operations and to set mutually 
beneficial goals. This is to ensure that 
local stakeholder needs and priorities are 
considered and to avoid that the Group’s 
operations disrupt the l­ivelihood of the 
local population and has a ­detrimental 
effect on their quality of life.
Equal treatment for all
Risk for child labour, 
forced labour or 
human rights violation
Regulatory
The risk that Tethys Oil's 
­sub-contractors violate the fair 
treatment and human rights 
of its employees, affecting 
Tethys Oil's reputation, 
finances and license to 
­operate.
Tethys Oil has implemented several 
policies such as a Supplier Code of 
Conduct and ­Diversity and Non-
discrimination Policy, Human rights policy 
and is firmly committed to The UN Global 
Compact.
Own workforce – 
health & safety
HSE
Operational
Risk to the health and safety 
of people as well as impact on 
the environment due to 
accidents. 
Policies and procedures in place, including 
recurring training and certifications. Each 
­operational activity has its own risk 
assessment which allows for a proactive 
work to ­minimise risk realisation and 
impact.
Governance risks
Business conduct
Ethical misconduct in 
­operations or supply ­
chain, impacting 
license to operate
Regulatory
The risk that Tethys Oil violate 
good business conduct and 
ethics, affecting amongst 
other the Group’s reputation 
and license to operate.
Tethys Oil has adopted a “zero tolerance” 
­Anti-Corruption Policy in accordance with 
­Transparency International’s Business 
­Principles for Countering Bribery and clear 
­procedure for employees to report 
suspected cases of corruption.
Tethys Oil continues to take a proactive approach to identifying, 
assessing, and mitigating sustainability-related risks to ensure 
resilience in a changing business environment. Effective 
management of these non-financial risks is a crucial aspect of 
the Group’s sustainability strategy, guiding decisions and 
actions.
Throughout 2024, Tethys Oil conducted a comprehensive review 
of key sustainability risks, considering both financial and 
societal dimensions in alignment with double materiality 
principles. This included a thorough assessment and stress-
testing of mitigation measures to strengthen the ability to 
address both emerging and high priority current risks. 
Key sustainability risks
Sustainability statements – Key sustainability risks
Tethys Oil Annual Report 2024
16

Tethys Oil integrates environmental, social, and governance 
(ESG) considerations into every aspect of its operations. The 
impact of these considerations, whether as opportunities or 
risks, change throughout the different stages of the business 
cycle. As an operator, Tethys Oil has historically focused on 
exploration and appraisal for which operations tend to involve 
lower levels of potentially disturbing or damaging activites and 
limited environmental or social impact. However, all potential 
risks are carefully identified, prioritised, and managed by the 
Group.
Impacts on the economy, environment, and society are 
reported quarterly to the Board of Directors’ Sustainability 
Committee. Before commencing any new exploration, seismic 
survey, or development project, Tethys Oil conducts a feasibility 
scoping study in collaboration with environmental services 
agencies. If the findings of this study are positive and other 
parameters are met, the Group proceeds with a comprehensive 
Environmental Impact Assessment (EIA). The EIA is a vital 
instrument designed to protect and conserve ecosystems, 
natural resources and human health as well as ensuring 
sustainable development practices.
Through the EIA process, Tethys Oil establishes a clear 
understanding of biodiversity and environmental conditions near 
its operational sites using advanced analytical methods, 
including sampling and digital mapping techniques. These 
findings are used to guide decision-making and proactively 
address potential impacts. In line with EIA recommendations, 
the Group remains committed to continuously improving 
operational efficiency and environmental performance. These 
efforts ensure that risks and impacts are minimised across the 
entire project lifecycle.
By adhering to these principles, Tethys Oil reinforces its 
dedication to responsible energy production and aligns its 
operations with evolving ESG expectations, contributing to the 
sustainable development of the industry and the regions in 
which it operates.
Emergency preparedness
Tethys Oil prioritises emergency preparedness to safeguard 
personnel, protect the environment, and ensure operational 
integrity. Before any major activities commence, the Group’s 
Health, Safety, and Environment (HSE) department formulates a 
comprehensive Emergency Response Plan (ERP) aligned with 
Environmental Authority regulations, the Tethys Oil HSE Policy, 
and the Incident Flow Chart.
Operational activities undergo rigorous assessments in 
collaboration with subcontractors, emphasising waste 
management, adherence to Oman Energy Association (OPAL) 
road safety standards, biodiversity protection and 
housekeeping. These proactive measures reflect the Group’s 
commitment to safe and sustainable operations.
Tethys Oil – Emergency Response Programme (ERP)
Tethys Oil’s Emergency Response Programme represents a 
systematic and robust framework designed to mitigate the 
effects of potential emergencies. The ERP aligns with the 
Group’s commitment to safety, environmental stewardship, and 
operational resilience. Its core objective is to ensure rapid and 
effective responses to emergencies while minimising impacts 
and facilitating recovery.
ERP key components:
By adhering to these principles, Tethys Oil reinforces its 
readiness to address unforeseen challenges while safeguarding 
people, the environment, and assets.
Hazard identification: Identifying and evaluating potential 
risks to prepare accordingly. 
Emergency planning: Developing clear, actionable 
strategies to respond to emergencies effectively.
Training and drills: Conducting regular exercises to ensure 
all personnel are prepared and confident in their roles 
during a crisis.
Emergency communication: Establishing clear and reliable 
channels to coordinate efforts and share critical updates.
Coordination with authorities: Collaborating closely with 
local and national authorities to align emergency 
responses.
Environmental protection mitigation: Implementing 
measures to minimise environmental impacts during and 
after emergencies.
Documentation and Reporting: Maintaining detailed 
records to ensure transparency and accountability.
Continuous improvement: Regularly reviewing and updating 
the programme to incorporate lessons learned and best 
practices.
Community engagement: Engaging with local communities 
to foster trust and collaboration in emergency scenarios.
Safe and sustainable operations 
Sustainability statements – Key sustainability risks
Tethys Oil Annual Report 2024
17

Crisis management
The Crisis Management Plan (CMP) is part of Tethys Oil’s 
Emergency Response Programme (ERMP) and provides strategic 
guidance for handling crises that might arise despite preventive 
measures. 
The Emergency Management Team (EMT) is tasked with 
assembling and coordinating critical information, managing non-
emergency communications with external stakeholders, and 
disseminating accurate, legally reviewed updates to stake­
holders and media. Crisis management exercises are conduc­
ted regularly to maintain readiness before and during 
operations.
Exploration and appraisal
Tethys Oil’s exploration and appraisal activities represent a key 
area of environmental impact, as identified through EIAs. These 
assessments have highlighted potential effects on air quality 
and GHG emissions during various stages of operations. In 
2024, Tethys Oil enhanced its environmental monitoring by 
initiating a screening process of suppliers based on stringent 
environmental criteria, ensuring alignment with the Group’s 
sustainability strategy.
Tethys Oil’s principles for 
responsible exploration
Adopt responsible governance and management
Apply ethical business practices 
Respect human rights
Commit to project due diligence and risk ­assessment
Engage host communities and other affected and interested parties
Contribute to community development and social well-being
Protect the environment
Safeguard the health and safety of staff and the local ­population
Exploration and appraisal activities
Site preparation and construction 
Activities such as constructing well 
sites, grading logistics bases, 
upgrading access roads, and preparing 
land are carried out with measures to 
minimise environmental impacts.
Drilling operations
Drilling, casing, and associated energy 
use are carefully monitored to reduce 
emissions and optimise resource 
efficiency.
 
Testing/well abandonment  
Activities such as flaring and well-
testing take place over three to four 
months, after which air quality is 
expected to return to baseline 
conditions. 
Potential project emissions
Emissions from exploration and appraisal operations arise from 
various sources, each requiring careful management to mini­
mise environmental impact. Diesel fuel consumption is a 
significant contributor, as generators at drilling and camp sites, 
along with mobile sources such as construction equipment and 
transport trucks, emit pollutants. Additionally, down-hole gas 
release can occur when gas from drilled formations surfaces 
with returning drilling mud, posing potential environmental risks.
Fugitive emissions are another concern and can originate 
from multiple sources. These include emissions from the 
breakdown and evaporation of materials in drilling mud, often 
accompanied by odours, as well as leaks or evaporation from 
cooling systems and chemical storage. Handling paints, 
solvents, and other chemicals, along with fuel handling and 
storage operations involving tanks, pipes, and transfer systems, 
can also result in unintentional releases.
Flaring, though avoided whenever possible, is carefully 
managed when necessary. Tethys Oil implements strict project 
controls to mitigate its effects, ensuring environmental resto­
ration and optimising positive outcomes. Emissions during 
exploration and appraisal operations can arise from a variety of 
sources, each requiring careful management to minimise 
impacts.
Developing Block 56
In 2024, with the approval of the Field Development Plan (FDP) 
for Block 56, the block transitioned from an exploration license 
to a commercial production license. Entering this new phase, 
the Group is well-prepared to apply its sustainability practices to 
the development of Block 56 in line with Tethys Oil’s 
commitments.
Sustainability statements – Key sustainability risks
Tethys Oil Annual Report 2024
18

Environment
Goal: No net loss of ­biodiversity 
and ­prevention of operations in​ 
­critical habitats
Biodiversity & ecosystems
Goal:​ Integrate climate risk into the 
Company business decisions and​ 
organisational strategy
Pollution management​
Supporting Environmental Stewardship
Tethys Oil is a corporate member of the Environment Society of Oman (ESO), a leading 
NGO dedicated to protecting Oman’s biodiversity. Among its initiatives, ESO runs the 
Raptors Research and Conservation Programme, focused on safeguarding endangered 
raptor species. Through its membership, Tethys Oil supports ESO’s broader mission to 
preserve Oman’s natural heritage.
Sustainability statements – Environment
Tethys Oil Annual Report 2024
19

Goal
Target
Performance KPI
Policy Statement
Integrate climate risk into the 
Group’s business decisions and 
organisational strategy
•	Zero routine flaring 2030
•	Support operator emissions 
reductions
Flaring intensity measured in scf/
bbl*
*Standard cubic foot/barrel
Group Environment and Climate 
Policy
Status
Status
672 scf/bbl
6% decrease in flaring intensity
15.6 MUSD invested in Gas-to-
Power
Adopted in 2024
Why is this important? 
As a major contributor to global emissions, the oil and gas 
industry must strengthen collaboration and act immediately to 
ensure that future energy has less emissions. The industry’s 
activities and the use of oil and gas products are responsible 
for a large portion of two major GHGs: carbon dioxide (CO2) and 
methane (CH4). Methane is more than 80 times more effective 
at trapping heat than carbon dioxide over a 20-year period. As 
methane has a short atmospheric lifetime, actions to minimise 
these emissions can quickly reduce atmospheric concentrations. 
To be able to meet future global energy demands, various 
energy sources combined with energy efficiency are a 
prerequisite. The resilience in the industry will be determined by 
energy efficiency and emission reduction. 
Tethys Oil’s approach 
Climate change is a growing priority for Tethys Oil and its 
stakeholders. The Group is committed to exploring and 
producing oil and gas with minimal environmental impact, 
evaluating both direct and indirect effects of its operations 
across short- and long-term horizons. This commitment is fully 
integrated into operations on exploration licenses Blocks 49, 
56, and 58, where Tethys Oil applies its health, safety, and 
environmental (HSE) policies. For non-operated blocks, such as 
Blocks 3&4, the Group provides advice and seeks alignment 
with its Environment and Climate Policy, recognising that the 
operator’s policies ultimately govern these operations.
In 2024, most of the Group’s indirect emissions originated 
from Blocks 3&4 production activities. Key sources included 
flaring associated gas, powering production facilities, camps, and 
rigs with diesel generators. Tethys Oil works proactively with the 
operator, CCED, to reduce these emissions. Measures include 
quarterly emissions reporting, site visits with environmental 
specialists, and third-party audits by an Environmental Monitoring 
& Auditing Agency. Non-compliance issues are logged, reported, 
and resolved promptly to ensure adherence to standards, 
safeguarding both environmental integrity and operational 
reliability.
As part of its climate strategy, Tethys Oil incorporates GHG 
intensity of revenue as a key metric, expressed in kilograms of 
CO2 equivalent per USD of revenue. This measure enables 
transparent evaluation of carbon efficiency across assets and 
projects, guiding decisions to prioritise lower-carbon opportunities 
while maintaining financial performance. The Group is committed 
to reducing emissions and enhancing operational efficiency 
through responsible resource management, as outlined in its 
Environment and Climate Policy.
In accordance with its Code of Conduct, Tethys Oil applies 
stringent HSE standards in operated projects and works to 
influence non-operated projects where feasible. The Group 
fosters dialogue and transparency with partners and 
stakeholders to identify and mitigate potential environmental and 
social impacts. Through its Environment and Climate Policy, 
overseen by the Managing Director and reviewed by the Board, 
Tethys Oil ensures active engagement with communities, 
proactive risk management, and a steadfast commitment to 
sustainability. This approach strengthens the Group’s resilience 
to environmental and climate-related risks while contributing to 
long-term value creation. 
Activities and results 2024
To enhance transparency in carbon accounting, Tethys Oil 
continues to disclose GHG emissions using both the equity 
share method and the operational control method. Total GHG 
emissions (Scope 1, 2 and 3) decreased by 1.1% and 1.5% in 
2024 respectively, for the operational control and equity share 
methods.
Direct emissions (Scope 1 & 2) increased in 2024 according 
to operational control method due to activity on operated blocks, 
but decreased by 6.8% according to equity share method, driven 
by lower flaring, cold venting and lower stationary and mobile 
combustion. Calculating GHG emissions using the equity 
interest method, the three largest contributors to the Group’s 
total emissions (Scope 1+2+3) remain “Flaring,” “Waste 
generated in operations,” and “Use of sold products,” 
accounting for 33 percent, 11 percent, and 38 percent, 
respectively. While emissions from the “Use of sold products” 
remain challenging to mitigate, the ongoing implementation of 
the Gas-to-Power project (page 22) on Blocks 3&4 is expected to 
significantly address flaring emissions and improve the Group’s 
carbon footprint profile.
In 2024, the Gas-to-Power project entered its operational 
phase, marking a pivotal step in Tethys Oil’s strategy to reduce 
and mitigate GHG emissions. The initiative resulted in 11.5% 
decline in flaring, 27.3% decline in cold venting and 22.6% 
decline in power generation emission. Further reduction of 
emissions is expected, as the project reaches full capacity 
utilization. By replacing diesel-powered generation in remote 
field operations with re-used energy from produced gas, Tethys 
Oil continues to make measurable advancements in 
sustainability.
Emissions management
Sustainability statements – Environment
Tethys Oil Annual Report 2024
20

Tethys Oil’s carbon accounting
Tethys Oil does not hold the operatorship role for Blocks 3&4 
and, as a result, does not have direct control over day-to-day 
operations at these assets. Consequently, the Group’s direct 
influence on emissions is most accurately reflected through the 
operational control method of carbon accounting.
The majority of Tethys Oil’s Scope 1 and 2 emissions are 
generated from its operated blocks, Blocks 49, 56, and 58. In 
contrast, emissions from the non-operated Blocks 3&4, 
operated by CCED, are classified under Scope 3.
This report primarily focuses on emissions from Scope 1 and 
2, calculated using the operational control method. However, to 
provide greater transparency in carbon accounting, Tethys Oil 
also discloses GHG emissions calculated using the equity share 
method.
Most of Tethys Oil’s emissions originate from the 30 percent 
interest share in Blocks 3&4, which are reported as indirect 
Scope 3 emissions, classified according to the operational 
­control method. The largest parts of Scope 3 emissions 
(operational control) are the use of sold products (ca. 38%), 
flaring (ca. 33%) and waste generation in operations (ca. 11%). 
Tethys Oil’s share of Global Warming Potential (GWP) emissions, based on the operational control method
Scope, GWP (t CO2e)
2024
2023
2022
2021
2020
Scope 1
2,888
440
1,977
1,813
32
Scope 2
79
70
67
49
40
Scope 3
499,597
508,458
527,362
537,008
465,148
Total Emissions
503,229
508,967
529,405
538,870
465,220
Air pollutants
During the monthly sampling period, sampling of 
selected relevant ambient gases of (SO2, NO2, CO, O3, 
H2S & NMHC) is conducted at single location within 
each production facility using portable Ambient Air 
Monitoring Station Type AQM-65 and Series 500 
sensors.
Measured ambient gases at production plant area 
are compared against relevant Omani Criteria, all the 
monitoring results by third party environmental agency 
were within legislative prescribed limits during 2024 in 
the non-operated Blocks 3&4.
No major or significant release of emissions to 
environment was observed at the sites.
The environmental strategy for the 
producing Blocks of 3&4 is focused on:
Reduction of Greenhouse 
Gas emissions.
Minimising impact from all 
produced water.
Reducing waste generated 
from operations and the 
responsible disposal of all 
unavoidable waste.
Improving efficiency to 
enhance the reduction of 
emissions, produced water 
and waste.
To succeed with the environmental strategy, a substantial investment in associated gas utilisation project is necessary. 
Scope 1: Direct GHG emissions occur from sources that 
are owned and controlled by the Group.
Scope 2: Indirect GHG emissions from the generation of 
purchased electricity, steam, heating and cooling consumed 
by the Group.
Scope 3: All other indirect emissions not covered in Scope 
1 and 2. Including extraction and production of purchased 
materials; transportation of purchased fuels; and use of 
sold products and services.
Sustainability statements – Environment
Tethys Oil Annual Report 2024
21

Gas-to-Power
The Gas-to-Power project undertaken by Tethys Oil and its 
partners on Blocks 3&4 marks a significant advance in 
environmental sustainability and operational efficiency. By 
converting associated gas—otherwise flared—into a reliable 
electricity source, the project directly tackles one of the energy 
sector’s key environmental challenges: routine flaring. This 
initiative not only reduces greenhouse gas emissions but also 
contributes to global efforts to combat climate change.
From a sustainability standpoint, the project underscores 
Tethys Oil’s alignment with international environmental goals, 
including the World Bank’s “Zero Routine Flaring by 2030” 
initiative and Oman’s “Vision 2040”, which emphasizes energy 
efficiency and emissions reduction. The electricity generated 
powers production facilities and downhole pumps, replacing 
external energy sources like diesel. This shift enhances energy 
self-sufficiency while significantly lowering the carbon footprint 
of operations. 
Beyond environmental benefits, the project also delivers 
economic advantages by reducing operational costs through the 
utilisation of an existing resource. This further reinforces how 
sustainability can drive financial performance. As the project 
advances, it highlights Tethys Oil’s role as a responsible energy 
producer, committed to delivering long-term value for 
stakeholders while safeguarding the environment.
Renewable Initiatives 
In 2024, CCED, the operator of Blocks 3&4, continued to 
expand renewable energy applications as part of its strategy to 
reduce greenhouse gas emissions and enhance operational 
efficiency. Solar panel systems were utilised at several remote 
production wells, reducing GHG emissions by approximately 
9,822 tonnes of CO2e annually. Solar-powered systems also 
provided energy for road lighting in camps and remote 
transmission units, achieving daily savings of around 850 liters 
of diesel.
The commissioned Gas-to-Power-project will further decrease 
the reliance on diesel generators. This initiative not only 
supports emissions reduction but also contributes to 
operational cost efficiency.
To advance its commitment to renewable energy, CCED is 
exploring additional applications, including using solar panels 
for:
•	Contractor camps, workshops, wells, and rigs if viable.
•	Chemical injection systems.
•	Wellhead monitoring and security systems.
These efforts align with CCED’s broader GHG mitigation goals 
and contribute significantly to Oman’s low-carbon transition.
Sustainability statements – Environment
Tethys Oil Annual Report 2024
22

Energy
Energy used within organisation: 
HQs and operated Blocks 49, 56, 58
Unit
2024
2023
2022
2021
GRI indicator
Energy consumption*
MJ
41,042,472
6,691,836
28,235,377
25,898,173
302-1
Fuel consumption within the 
organisation – non-renewable sources
MJ
40,338,596
6,046,104
27,612,206
25,395,818
Electricity consumption**
MWh
196
179
173
140
Energy Intensity
MWh/km driven
0.08
0
0
0
302-3
Energy Intensity (on exploration blocks)
MWh/man-hour worked
0.12
0.03
0.07
0.04
Man-hours worked (Blocks 49, 56, 58)
man-hour worked
94,875
63,960
120,292
168,185
Total km driven (Blocks 49, 56, 58)
km
135,244
170,671
276,829
220,456
Energy used outside the organisation 
Non-operated Blocks 3&4
Unit
2023
2022
2021
GRI indicator
Energy consumption*
MJ
465,481,323
601,545,613
548,450,569
437,043,761
302-2
Fuel consumption outside of the 
organisation – non-renewable sources
MJ
465,481,323
601,545,613
548,450,569
437,043,761
Energy Intensity
MJ/bbl
161
187
151
108
302-3
*	  Refers to the total energy used for operations
**	Electricity consumption includes electricity used for cooling and heating
Emissions
Emissions (Operational control method)
Units
2024
2023
2,022
2,021
GRI indicator
GHG (direct, scope 1)
t CO2e
2,888
440
1,977
1,813
305-1
of which Stationary combustion
t CO2e
2,884
430
1,967
1,804
of which Mobile combustion
t CO2e
4
9
9
10
GHG (indirect, scope 2)
t CO2e
79
70
67
49
305-2
of which Purchased Energy
t CO2e
79
70
67
49
GHG (indirect, scope 3)
t CO2e
500,261
508,458
527,362
537,008
305-3
of which Purchased goods and ­services
t CO2e
5
4
4
4
of which Fuel- and energy related emissions 
(not included in Scope 1 and 2)
t CO2e
512
94
354
148
of which Waste generated in ­operations
t CO2e
32.2
25.4
24.8
43.0
of which Business travel
t CO2e
101.5
59.9
63.1
45.0
of which Employee commuting
t CO2e
14
22
19
18
of which Investments ­(Blocks 3&4, Minijos)
t CO2e
499,597
508,253
526,897
536,750
of which Flaring
t CO2e
164,391
185,714
220,496
201,522
of which Cold Venting
t CO2e
2,557
3,517
3,871
4,280
of which Gas Utilized
t CO2e
17,556
3,062
3,481
3,914
of which Power Generation
t CO2e
33,290
43,020
39,223
31,150
GHG (indirect, scope 3) excluding CO2
t CO2e
15,490
16,624
19,931
16,748
305-1
N2O
t CO2e
71
92
84
76
CH4
t CO2e
15,419
16,532
19,848
16,673
N2O
t
0.24
0.31
0.28
0.25
CH4
t
617
661
794
667
Total GHG emission (scope 1, 2, 3)
t CO2e
503,229
508,967
529,405
538,870
Direct CO2 emission
t CO2e
2,888
440
1,977
1,813
Sustainability statements – Environment
Tethys Oil Annual Report 2024
23

Emissions (Equity share method)
Units
2024
2023
2022
2021
GRI indicator
GHG (direct, scope 1)
t CO2e
219,675
235,604
268,360
242,621
305-1
of which Stationary and Mobile­ ­combustion
t CO2e
35,171
43,310
40,512
32,905
of which Flaring
t CO2e
164,391
185,714
220,496
201,522
of which Cold Venting
t CO2e
2,557
3,517
3,871
4,280
of which Gas Utilized
t CO2e
17,556
3,062
3,481
3,914
GHG (indirect, scope 2)
t CO2e
79
70
67
49
305-2
of which Purchased Energy
t CO2e
79
70
67
49
GHG (indirect, scope 3)
t CO2e
281,382
273,144
260,291
296,142
305-3
of which Use of sold products
t CO2e
190,664
212,547
211,363
228,325
of which Processing of sold products
t CO2e
12,907
14,405
13,499
14,635
of which Transport and Distribution (downstream)
t CO2e
5,221
5,920
5,630
6,038
of which Purchased Goods and ­services
t CO2e
754
737
699
355
of which Capital Goods 
t CO2e
9,874
8,642
6,786
2,958
of which Fuel- and energy related emissions 
(not included in Scope 1 and 2) 
t CO2e
7,494
9,117
8,581
6,704
of which Transport and Distribution (upstream)
t CO2e
32
32
32
32
of which Waste generated in operations
t CO2e
54,240
21,581
13,538
36,952
of which Investments
t CO2e
81
81
81
81
of which Business travel
t CO2e
102
60
63
45
of which Employee commuting
t CO2e
14
22
19
18
GHG (direct, scope 1) excluding CO2
t CO2e
15,490
16,624
19,931
16,748
305-1
N2O
t CO2e
71
92
84
76
CH4
t CO2e
15,419
16,532
19,848
16,673
N2O
t
0.24
0.31
0.28
0.25
CH4
t
617
661
794
667
Total GHG emission (scope 1, 2, 3)
t CO2e
501,136
508,818
528,718
538,812
Direct CO2 emission
t CO2e
219,754
235,674
268,427
242,670
GHG Intensity
GHG Intensity, Operational control
Unit
2024
2023
2022
2021
GRI indicator
GHG Intensity for the operated blocks (S1+S2)*
t CO2e / km driven
0.0219
0.003
0.0074
0.0084
305-4
GHG Intensity for the Group (S1 + S2 + S3 
(Cathegories 9, 10, 11 are excluded))**
t CO2e / 000’bbl
97.9
85.8
82.4
71.3
GHG Intensity, Equity share
GHG Intensity for the operated blocks (S1+S2)*
t CO2e / km driven
1.6
1.4
1
1.1
305-4
GHG Intensity for the Group (S1 + S2 + S3 
(Categories 9, 10, 11 are excluded))**
t CO2e / 000’bbl
101.2
85.7
82.2
71.3
GHG Intensity for the Group (S1 + S2 )**
t CO2e / 000’bbl
76.1
73.2
74
59.7
*	GHG Intensity for Operating blocks is based on Scope 1&2
**	Gases included in the calculation: CO2, CH4, N2O.
Flaring
Flaring and Venting on Blocks 3&4
Unit
2024
2023
2022
2021
GRI indicator
Natural gas flared
t CO2e
164,391
185,714
220,496
201,522
305-1
Natural gas vented
t CO2e
2,557
3,517
3,871
4,280
Natural gas flared
MMscf
1,941
2,302
2,639
2,392
Natural gas vented
MMscf
45.2
63.0
67.8
72.0
Flaring intensity 
scf / bbl
672
715
727
588
Sustainability statements – Environment
Tethys Oil Annual Report 2024
24

Biodiversity and ecosystems
Why is this important? 
Biodiversity holds intrinsic value and plays a crucial role in 
human health, food security, economic stability, and climate 
change mitigation and adaptation. During the exploration phase, 
Tethys Oil’s operations may affect biodiversity and land use, 
making these topics a priority. Biodiversity impacts can lead to 
reduced availability, quality, or access to natural resources, 
which may affect local communities’ well-being, livelihoods, and 
human rights.
Such impacts can intensify if activities occur in protected or 
high-biodiversity areas and may persist beyond site closure, 
rehabilitation, or the immediate geographic scope of operations.
Tethys Oil’s approach
Protecting species and habitats in Tethys Oil’s operational areas 
is a top priority. Operating in the arid Sultanate of Oman, where 
biodiversity is limited and land use opportunities are 
constrained, Tethys Oil can mitigate potential impacts thanks to 
the region’s strategic geographical characteristics.
Tethys Oil follows precautionary principles, aiming to avoid 
impacts on natural habitats wherever possible. When avoidance 
is not feasible, the Group is committed to minimising and 
restoring any potential effects on ecosystems, adhering to the 
mitigation hierarchy.
Tethys Oil is required to obtain a permit from Oman’s 
Environment Authority by submitting an EIA Scoping Report. This 
report assesses potential pollution impacts, including air, dust, 
waste, noise, and sewage discharge. It also outlines proposed 
control measures, evaluates the effects on critical areas, and 
defines mitigation plans to reduce operational impacts. 
Contractors are required to adhere to the Environment 
Management Plan as part of this process.
In Blocks 49, 56, and 58, gazelles and lizards are likely Red 
List species that could inhabit areas of interest, with migratory 
birds also expected in the region. Feasibility scoping reports are 
conducted before any exploration, seismic, or development 
activities. These are carried out with environmental agencies, 
providing external validation of the assessments. Risks are 
identified and mitigated before operations begin.
Tethys Oil does not operate in areas designated as protected 
under the World Conservation Union (IUCN) or UNESCO Natural 
World Heritage Sites. Currently, no projects are located within 
these protected areas.
Activities and results 2024
In 2024, Tethys Oil continued to advance its commitment to 
biodiversity protection by strengthening its Biodiversity Policy. 
This policy applies to all operations, including those in and 
beyond areas of high biodiversity value.
Drawing lessons learned from past projects and aligning with 
industry best practices, the policy ensures biodiversity 
protections remains central to the planning and execution of all 
activities.
As part of its ongoing commitment, Tethys Oil actively 
integrates recommendations from scoping reports into its 
operational plans. The Group also engages extensively with 
local stakeholders to incorporate their insights and address 
concerns. Meeting with local communities, authorities, and 
experts ensure a collaborative approach. Subcontractors are 
thoroughly educated on biodiversity-related issues, actively 
participate in investigations, and contribute to the 
implementation of mitigation measures.
In 2024, these efforts were supported by enhanced 
transparency and accessibility. The Tethys Oil’s policies are 
further explained on page 40 in this report. 
Goal
Target
Performance KPI
Policy Statement
No Net Loss (NNL) of biodiversity 
and prevention of operations in 
critical habitats
Zero Tier 1 hydrocarbon releases
Hydrocarbon spill intensity 
measured in produced liquids 
spilled (bbl)/total produced ­liquids 
(Mbbl) 
Group Biodiversity Policy
Status
Status
0.0316
Adopted in 2024
Avoid
In pre-operations assessments, potential impacts are 
­evaluated together with plans for mitigative actions. 
Minimise
When impacts cannot be avoided, activities are planned to 
minimise the effects. 
Restore
Diligently work to remediate an area so that it is restored to 
its original condition as reasonably as practical. 
Sustainability statements – Environment
Tethys Oil Annual Report 2024
25

Blocks 3&4 leak reduction programme
Managing spill risk remains a critical focus for Tethys Oil. The 
12-month rolling average for Tier 1 and Tier 2 leaks was zero 
through the end of 2023, but the early 2024 incident has 
underscored the need for ongoing improvements. The primary 
efforts by the operator on Blocks 3&4 to reduce spill risks 
include the following:
•	Replacement of flow lines and corroded components.
•	Continued sand removal to ensure unobstructed operations.
•	Initiation of chemical injection and corrosion management 
plans following metallurgy studies.
Site closure, decommissioning and reclamation.
Tethys Oil ensures transparency through regular environmental 
reporting and commits to restoring ecosystems to their pre-
operational state through soil remediation and local stakeholder 
collaboration, in line with international biodiversity goals. When 
closing or decommissioning a site Tethy’s Oil conducts a:
•	Baseline assessments prior to operational activities to 
establish initial environmental conditions. 
•	A multi-stakeholder approach ensuring transparent 
communication and active participation from local authorities 
and relevant stakeholders throughout the planning and 
execution of operational closure.
•	Reclamation efforts aimed at restoring sites to their pre-
operational ecosystem, including soil remediation in areas 
affected by drilling activities. 
The Environment Society of Oman (ESO)
As a corporate member of the Environment Society of 
Oman (ESO), a non-governmental, not-for-profit 
organisation, Tethys Oil supports efforts to conserve 
Oman’s natural heritage and promote environmental 
awareness. ESO is affiliated with the International Union 
for the Conservation of Nature (IUCN) and represents 
West Asia’s environmental organisations within the 
United Nations Environment Programme (UNEP).
Spill prevention 
Tethys Oil integrates safety and environmental protection criteria 
throughout its operations to prevent environmental impact and 
ensure people’s safety. The Group’s HSE Policy ensures swift 
detection of spills and timely action to mitigate their effects. In 
the event of a spill, fluids are removed using suction techniques, 
and contaminated soil or sand is replaced as necessary.
In early 2024, a Tier 1 spill occurred on the non-operated 
Blocks 3&4 involving 1,000 barrels of oil due to a crack in a 
weld. The incident was managed promptly, with oil recovery 
efforts initiated immediately, and contaminated sand relocated 
to a designated remediation area. The defective pipeline section 
was sent for root cause analysis, and inspections of similar 
welds are being carried out to prevent recurrence. The 
environmental impact was assessed as low, as the spill 
occurred in fine-grained sand with no vegetation, which 
prevented oil from diffusing deeply or spreading widely.
All spills are recorded, and regular site surveys by third-party 
environmental service agencies provide recommendations for 
mitigation. The recent Tier 1 incident highlights the importance 
of continuous vigilance and improvements in spill detection and 
prevention systems.
Non-operated Blocks 3&4 liquid 
hydrocarbon spills 2021–2024
2024
2023
2022
2021
Number of Tier 1 Spills
1
0
0
2
Spill Intensity* 
(Produced Liquids Spilled (bbl)/
Total Produced Liquids (Mbbl))
0.0316
0.0069
0.0023
0.0200
* Calculation: Produced Liquid Spilled (bbls) / Total Produced Liquid (1,000 bbls)
Produced liquid spilled (bbls): All Crude Oil, condensate and/or 
produced water spills which are not confined to impermeable 
secondary containment.
Total produced liquid (1,000 bbls): crude oil, condensate and 
produced water generated from exploration and production 
­activities (does not include gas).
Sustainability statements – Environment
Tethys Oil Annual Report 2024
26

Spills
Spills: Operated Blocks 49, 56, 58
Unit
2024
2023
2022
GRI indicator
Number of spills and leaks
number
0
1
0
306-3
of which minor (less than 0.7bbls/h)
number
0
1
0
of which medium (0.7bbls/h < spills < 7.0 bbl/h)
number
0
0
0
of which major (more than 7bbls/h)
number
0
0
0
Amount of spills and leaks
litre
0
35
0
Number of oil spills and leaks
number
0
1
0
of which minor (less than 0.7bbls/h)
number
0
1
0
of which medium (0.7bbls/h < spills < 7.0 bbl/h)
number
0
0
0
of which major (more than 7bbls/h)
number
0
0
0
Amount of oil spills and leaks
litre
0
35
0
Spills: Non-operated Blocks 3&4
Unit
2024
2023
2022
GRI indicator
Number of spills and leaks
number
182
194
129
306-3
of which minor (less than 0.7bbls/h)
number
181
194
129
of which medium (0.7bbls/h < spills < 7.0 bbl/h)
number
0
0
0
of which major (more than 7bbls/h)
number
1
0
0
Amount of spills and leaks
litre
199,291
43,184
12,649
Number of oil spills and leaks
number
157
179
93
of which minor (less than 0.7bbls/h)
number
156
179
93
of which medium (0.7bbls/h < spills < 7.0 bbl/h)
number
0
0
0
of which major (more than 7bbls/h)
number
1
0
0
Amount of oil spills and leaks
litre
193,726
39,845
8,449
Biodiversity
IUCN Red List species with habitats 
in areas of Operated Blocks B49, B56, B58
Unit
2024
2023
2022
GRI indicator
Critically endangered
number
2
2
2
304-4
Endangered
number
4
4
4
Vulnerable
number
5
5
5
Near threatened
number
7
7
7
IUCN Red List species with habitats 
in Operated and Non-operated Blocks, 2024
Blocks 3&4
Block 49
Block 56
Block 58
Critically endangered
1
0
0
2
Endangered
0
4
0
4
Vulnerable
1
5
4
5
Near threatened
1
7
1
7
Sustainability statements – Environment
Tethys Oil Annual Report 2024
27

Social and safety
Goal: Make a positive impact 
in ­the​ ­communities where the 
Group operates
Affected communities
Goal:​ Zero harm
Own workforce – health & safety
Goal: Foster a diverse and ­
inclusive ­workplace
Equal treatment 
and opportunity for all
Sustainability statements – Social and safety
Tethys Oil Annual Report 2024
28

Equal treatment and opportunity for all
Why is this important? 
A successful business is dependent upon its employees as 
individuals. A fair, respectful, and safe working environment 
based on equal opportunities and treatment is vital to support a 
company’s strategy on all levels. No matter origin or ethnicity, 
every person is entitled to the same human rights. Freedom 
from ­discrimination is a human right and a fundamental right at 
work. Respecting diversity and building an inclusive working 
culture is deeply rooted in Tethys Oil’s Scandinavian values. 
Tethys Oil’s approach 
One of Tethys Oil’s key asset is its employees. Ensuring a 
diverse and equitable workplace where all employees feel 
welcome is essential to the Group’s continued success. High 
employee satisfaction and high-performance standards are a 
high priority for Tethys Oil, and a prerequisite to attract talent. 
Further, it shall offer rewarding working conditions and realise 
each employee’s individual potential through training and job 
promotion. Tethys Oil has zero tolerance towards all forms of 
child and forced labour in the value chain. 
Tethys Oil’s position on diversity and discrimination 
•	Tethys Oil is committed to recruiting and retaining the most 
qualified candidates for all positions based on merit, without 
discrimination based on gender, age, disability, nationality, 
race, religion, or any other characteristic.
•	The Group values the cultural diversity of its employees as a 
key asset and ensures that it is respected. Tethys Oil strictly 
prohibits all forms of harassment or discrimination in the 
workplace.
•	Employees, partners, and contractors are encouraged to raise 
concerns or report incidents of discrimination through formal 
channels without fear of retaliation or harassment.
•	Tethys Oil expects all employees to act with integrity and 
respect in interactions with colleagues, partners, and society, 
fostering an inclusive and respectful work environment.
Tethys Oil’s position on human rights
Tethys Oil requires all employees, suppliers, and business 
partners to adhere to strict social, ethical, and environmental 
standards while respecting human rights. The Group upholds 
internationally recognised human rights principles across all 
areas of operation. It remains committed to investigating, 
addressing, and rectifying any human rights violations. This 
includes providing effective remedies and reparations to victims 
if violations occur.
Tethys Oil’s approach is grounded in the Universal Declaration 
of Human Rights, the International Labour Organization’s (ILO) 
Declaration on Fundamental Principles and Rights at Work, and 
the United Nations Global Compact. It also aligns with the UN 
Guiding Principles on Business and Human Rights, endorsed by 
the UN Human Rights Council.
The Group prioritises the rights of local communities and 
evaluates potential human rights impacts before any new 
investment or activity. While Tethys Oil respects all human 
rights, it focuses on those with the highest potential for impact. 
These typically involve communities within its operational areas 
or license zones.
Given Tethys Oil’s nature as a highly ethical upstream oil and 
gas operator in Oman, risks of child labour, forced labour, or 
bonded labour are minimal. However, subcontractor risks are 
acknowledged. Through stringent policies, transparent 
procurement processes, and supplier risk assessments, the 
Group mitigates these risks.
Tethys Oil’s commitment to subcontractor compliance with 
human rights standards is outlined in its Supplier Code of 
Conduct. This code addresses labour rights and working 
conditions, ensuring suppliers meet the policy’s criteria.
Local hiring 
Tethys Oil prioritises hiring locally and developing local talents. 
Local hiring allows the Group to make meaningful economic 
­contributions to the communities, especially in the areas where 
professional labour may otherwise be scarce. 
Goal
Target
Performance KPI:
Policy statement
Fostering a diverse and inclusive 
workplace
Zero cases of ­discrimination
Reported cases of discrimination
Group Diversity and Non-
Discrimination Policy
Group Human Rights Policy
 
Status
Status
 
Zero cases of discrimination 
reported
Employee satisfaction rate 77%
Policies updated in 2024
Sustainability statements – Social and safety
Tethys Oil Annual Report 2024
29

Tethys Oil’s offices
Tethys Oil’s Muscat office primarily focuses on key operational 
activities and consists of a team of engineers and subsurface 
specialists together with finance and administration staff 
members.
In 2024, 23 people were employed in Muscat. Tethys Oil’s 
head office is located in Stockholm, Sweden. It is the base for 
the Group’s executive management, which guides overall 
strategic direction and corporate objectives, along with Tethys 
Oil’s finance, HR, business development, sustainability and 
communications staff. In 2024, Tethys Oil had 12 employees 
based in Stockholm.
In 2024, Tethys Oil had an average of 34 full-time employees 
of several nationalities, in a broad age range, of which 30 
percent were female and 70 percent male. A majority of the staff 
have graduated from universities and colleges, primarily with 
geosciences, engineering or business administration . Total 
employee training hours reached 786 in 2024, advancing by 
13% vs. 2023. The average training hours per employee 
reached 22 hours vs 7 hours in 2021, despite a 29% growth in 
total number of employees since 2021.
Activities and results 2024 
Tethys Oil has a comprehensive programme to track employee 
satisfaction, a high-priority initiative aimed at understanding 
employee well-being and management effectiveness. The 
insights gained through this programmme guide efforts to 
sustain and enhance satisfaction levels across the Group, 
supporting a productive and inclusive workplace.
  As part of its commitment to human rights, Tethys Oil 
implemented an updated Human Rights Policy during the year. 
This policy, aligned with internationally recognised principles, 
emphasises fostering open, inclusive workplaces and protecting 
the rights of all employees and stakeholders.
• No human rights-related grievances were filed against Tethys 
Oil in 2024.
•	There were no recorded incidents of discrimination at Tethys 
Oil’s operations in 2024.
To further reinforce its stance on equity and inclusion, Tethys Oil 
adopted a revised Diversity and Non-Discrimination Policy in 
2024. Applicable to all employees and contractors worldwide, 
the policy governs recruitment, retention, rewards, promotion, 
and overall human resource management. These updates 
underscore Tethys Oil’s commitment to ensuring fair and 
respectful treatment for all.
Additional details on Tethys Oil’s policies are provided on page 
40 of this report.
Sustainability statements – Social and safety
Tethys Oil Annual Report 2024
30

Discrimination
Incidents of discrimination and corrective actions taken
Units
2024
2023
GRI indicator
Total number of incidents of discrimination during the 
reporting period
number
0
0
406-1
Status of the incidents and actions taken
No incidents took place
No incidents took place
Workforce data
Total number of employees
Unit
2024
2023
GRI indicator
Total number of employees
number
36
33
102-7
out of which women
number
11
11
102-8
With employment contract, 
undetermined period, full time
number
34
31
out of which women
number
10
10
With employment contract, 
undetermined period, part time
number
2
2
out of which women
number
1
1
External consultants / contractors
number
4
6
out of which women
number
2
1
Sweden
Total number of employees
number
12
10
102-8
out of which women
number
4
4
External consultants / contractors
number
4
5
out of which women
number
2
1
Oman
Total number of employees
number
23
22
102-8
out of which women
number
6
6
External consultants / contractors
number
0
3
out of which women
number
0
0
UAE
Total number of employees
number
1
1
102-8
out of which women
number
1
1
Average hours of training per year per employee
Group
Unit
2024
2023
Employee Category
GRI indicator
Total training hours for all employees
hours
786
696
Economics, Finance & Legal
404-1
thereof male
hours
417
562
Economics, Finance & Legal
thereof female
hours
369
134
Economics, Finance & Legal
Average hours of training per employee
hours
22
21
Economics, Finance & Legal
thereof male
hours
17
26
Economics, Finance & Legal
thereof female
hours
34
12
Economics, Finance & Legal
Total training expenditures 
for all employees
MUSD
0.063
0.060
Economics, Finance & Legal
Average training expenditures 
for all employees
USD
1,754
1,807
Economics, Finance & Legal
Sustainability statements – Social and safety
Tethys Oil Annual Report 2024
31

The percentage of women and men employees per employee category
(internal employees)
Unit
Top management
Middle management
Operative staff
GRI indicator
2024
2023
2024
2023
2024
2023
Percentage of women in the organisation
%
9
9
9
18
82
73
405-1
Percentage of men in the organisation
%
12
14
24
23
64
64
Employees <30 years old
%
0
0
0
0
100
100
Employees between 30–50 years old
%
11
8
7
8
82
85
Employees >50 years old
%
14
20
57
60
29
20
The percentage is calculated by reference to the total number of women / men and not to the total number of employees.
Management
The percentage of individuals within 
the Executive Management team
Unit
2024
2023
GRI indicator
Percentage of men 
%
75
75
405-1
Percentage of women
%
25
25
Percentage of individuals under 30 years old
%
0
0
Percentage of individuals between 30–50 years old 
%
75
75
Percentage of individuals over 50 years old
%
25
25
Board of Directors
The percentage of individuals within 
the Board of Directors
Unit
2024
2023
GRI indicator
Percentage of men 
%
100
80
405-1
Percentage of women
%
0
20
Percentage of individuals under 30 years old
%
0
0
Percentage of individuals between 30–50 years old 
%
0
0
Percentage of individuals over 50 years old
%
100
100
Sustainability statements – Social and safety
Tethys Oil Annual Report 2024
32

Health and safety 
Why is this important? 
Health and safety involves the prevention of physical and mental 
harm to workers and promotion of workers’ health. Healthy and 
safe working conditions are recognised as a human right, and is 
a top priority for Tethys Oil. As an oil and gas company, Tethys Oil 
operates in an industry exposed to certain safety risks and 
impacts, where accidents potentially can occur. It is thus the 
Group’s responsibility to identify and mitigate potential risks, 
and to provide the workforce with a safe and healthy working 
environment. 
Tethys Oil’s activities are subject to the Health, Safety and 
Environmental (HSE) risks inherent in the oil industry. Prevention 
of accidents and ill health is critical to efficient operations. 
­Prevention of illness and promoting of healthy lifestyles provide 
lasting benefits for the workforce, their families, and the public. 
Loss of control of safety issues at facilities can potentially result 
in serious harm to people as well as the environment. The 
highest safety standards are critical to ensure the sound and 
effective functioning of Tethys Oil.
Tethys Oil’s approach 
Tethys Oil is committed to health, safety, and environmental 
(HSE) stewardship, making it a core value in all its operations. 
The Group strives to provide a safe and healthy environment for 
employees, contractors, and the public while minimising 
environmental impact and promoting sustainable development.
To achieve this, Tethys Oil employs a systematic HSE 
management approach, continually improving toward the goal of 
zero harm, accidents, and spills. The HSE work, guided by its 
policy, led by the Managing Director and supported by all 
employees, is underpinned by corporate procedures to ensure 
safe and responsible operations.
Tethys Oil collaborates closely with the operator of its 
producing assets through the Board of Directors’ Technical 
Committee that oversees operational activities and integrates 
HSE priorities into decision-making. This partnership fosters 
transparency, shared accountability, and proactive risk 
management, extending best practices across contractors and 
sub-contractors to create a ripple effect of safety and 
sustainability.
Goal
Target
Performance KPI:
Policy statement
Zero harm
Better occupational health and 
safety records than industry 
standards
Lost time injury rate (LTIR) 
measured in hours/ 1 mn hours 
worked
Group HSE Policy
 
Status
Status
 
0.00 operated blocks 
0.61 non-operated blocks
Updated 2024
Sustainability statements – Social and safety
Tethys Oil Annual Report 2024
33

Operating Management System framework
The Operating Management System (OMS) 
of the International Association of Oil & Gas 
­Producers (IOGP) provides a comprehensive 
strategy to manage various risks, impacts, and 
threats associated with occupational health and 
safety, environmental and social responsibility, 
as well as process safety, quality, and security. 
The purpose of this procedure, is to ensure 
key technical and operational activities are 
­conducted in a prudent and safe way according 
to the OMS. Applicable to all types of upstream 
projects, this framework consists of 10 elements 
addressed by Tethys Oil’s operational 
management when ensuring the effective 
handling of risks and the achievement of high 
performance standards in the oil and gas 
industry.
HSE Training Highlights:
H2S Training: Addresses Hydrogen sulfide (H2S) 
hazards and emergency response actions for high-risk 
environments.
Defensive Driving: Ensures personnel maintain driving 
permits and safe driving skills.
Journey Management Plan Training: Guides planning 
for safe trips exceeding 4.5 hours.
Leadership Training: Equips supervisors with tools for 
managing risks and uncertainties.
First Aid and CPR Training: Provides certified training 
for all personnel based on European CPR Council 
guidelines.
To engage contractors, Tethys Oil adopts a dual-level approach:
•	Executive Level: Regular strategic meetings to reinforce 
accountability for workplace safety and environmental 
sustainability.
•	Working Group Level: On-site and in-office sessions facilitate 
open communication, feedback, and collaboration to enhance 
safety and environmental performance.
Through these initiatives, Tethys Oil upholds robust HSE 
standards while safeguarding its legal and social license to 
operate. An assurance procedure for key technical and 
operational activities further solidifies this commitment to 
sustainability.
Activities and results 2024
In 2024, Tethys Oil strengthened its HSE capabilities by 
implementing key technical activities and preparing for 
operations in Blocks 49, 56, and 58 through risk assessments 
and mitigation plans.
1. 
Commitment 
and accountability
2. 
Policies, 
standards and 
objectives
3. 
Organisation, 
resources and 
capability
4. 
Stakeholders 
and customers
5. 
Risk assessment 
and control
6. 
Asset design 
and integrity
7. 
Plans and 
procedures
8. 
Execution of 
activities
9. 
Monitoring, 
reporting and 
learning
10. 
Assurance, 
review and 
improvement
The
Fundamentals
Continuous 
Improvement
Implementation
Risk
Management
Leadership
El
em
en
ts
Sustainability statements – Social and safety
Tethys Oil Annual Report 2024
34

Safety
Safety performance, non-operated, 
employees & contractors, operated Blocks 49, 56, 58
Unit
2024
2023
2022
GRI indicator
Fatalities 
number
0
0
0
403-9
Fatalities rate
per 1 mn hours worked
0
0
0
Number of hours worked
hours (thousand)
94
64
120
Lost time incidents
number
0
0
0
Lost-time injury rate (LTIR )
per 1 mn hours worked
0
0
0
High Potential incidents / near miss
number
1
0
0
Total recordable injuries
number
0
0
0
Total observations
number
1,860
368
2,382
Total recordable injury rate (TRIR)
per 1 mn hours worked
0
0
0
The main types of work-related injury for employees
None occurred 
in the 
considered 
period
None occured 
in the 
considered 
period
None occured 
in the 
considered 
period
Safety performance, operated, 
employees & contractors, non-operated Blocks 3&4
Unit
2024
2023
2022
GRI indicator
Fatalities 
number
1
0
0
403-9
Fatalities rate
per 1 mn hours worked
0.1
0
0
Number of hours worked
hours (thousand)
9,880
10,920
8,760
Lost time incidents
number
5
1
1
Lost-time injury rate (LTIR )
per 1 mn hours worked
0.61
0.18
0.23
High Potential incidents / near miss
number
15
40
22
Total recordable injuries
number
10
5
5
Total observations
number
112,936
109,097
86,977
Total recordable injury rate (TRIR)
per 1 mn hours worked
1.01
0.46
0.57
The main types of work-related injury for employees
Different 
workrelated
Different 
workrelated
Different 
workrelated
Mitigating accident rates
Tethys Oil integrates contractors into its HSE management 
systems through the following measures:
•	On-Site Registration: Contractors adhere to tailored safety 
plans and site-specific procedures.
•	Induction Training: Mandatory training covers health, safety, 
and emergency response protocols.
•	Performance Monitoring: Ongoing reviews ensure compliance 
with safety standards and highlight areas for improvement.
At the beginning of 2024, an extreme weather-related fatality 
occurred on the non-operated Blocks 3&4 involving a CCED 
employee. After a shift change, adherence to CCED protocols 
was insufficient, and high-risk actions were observed. As a 
result, stricter procedures for shift changes have been 
implemented, and own transport to and from the sites is no 
longer permitted. This incident underscores the importance of 
ongoing improvement and training within HSE initiatives at all 
levels of operation. 
Tethys Oil is making continous progress in contractor 
engagement, drilling performance, environmental initiatives, and 
annual HSE audits. Tethys Oil is preparing to take on the 
operatorship in a production phase on Block 56 and will be 
implementing its Operational Management System (OMS) 
based on the 10 Elements framework also in this phase. This 
ensures continued safe, efficient, and sustainable operations.
Sustainability statements – Social and safety
Tethys Oil Annual Report 2024
35

The Group actively engages in dialogue with local 
stakeholders, ensuring their needs and priorities are considered 
and aligned with Tethys Oil’s operational goals. This includes 
addressing human rights concerns through transparent 
communication and community-based solutions. 
Local issues are managed at the community level, where the 
Group works to promote local employment, develop skills, and 
improve health and welfare. Additionally, Tethys Oil facilitates 
capacity building by transferring knowledge and technology to 
strengthen local expertise. 
Tethys Oil is equally committed to refraining from involvement 
in tribal, internal conflicts, or acts of violence. Its Corporate 
Social Responsibility (CSR) efforts, led by the Director of 
Corporate Affairs, are supported by a dedicated local team and 
a group wide CSR committee focused on addressing community 
concerns and fostering strong relationships in operating areas. 
The team ensures that the Group’s CSR initiatives align with 
international standards and community expectations, creating 
long-term value for all stakeholders.
Recognising the importance of land and resource rights, 
Tethys Oil prioritises meaningful and inclusive engagement with 
local communities and vulnerable groups. This involves 
transparent consultations and efforts to minimise any potential 
negative impacts. The Group is committed to acting responsibly 
Affected communities 
Why is this important? 
Access to reliable and affordable energy can improve quality 
of life, create economic wealth and help people out of poverty. 
However, extracting oil and gas can stress and impact 
communities and interfere with resources. This may result from, 
for example, land use requirements for the industry activities or 
an influx of people seeking employment and economic 
opportunities. The support of communities in the host country 
is crucial for operating a resilient business, therefore good 
relations with host countries and local communities are 
prerequisites to Tethys Oil’s business. 
Tethys Oil’s approach 
Tethys Oil strives to create shared prosperity among 
stakeholders by proactively avoiding and mitigating potential 
negative impacts. The Group is committed to fostering goodwill 
and economic opportunities through initiatives tailored to the 
needs of local communities. By engaging directly with 
stakeholders, Tethys Oil ensures that it listens to, learns from, 
and incorporates their concerns into operational planning. This 
process helps address potential disruptions to livelihoods, 
cultural traditions, and overall quality of life caused by its 
operations.
Goal
Target
Performance KPI:
Policy statement
Make a positive impact in the­ 
­communities where Tethys Oil 
operates
Ongoing long term community 
engagement projects at local, 
regional and national/
international level
Community engagement projects
Group CSR Policy
 
Status
Status
 
Global and National: 2
Regional: 6
Local: 6 
Updated 2024
Sustainability statements – Social and safety
Tethys Oil Annual Report 2024
36

Regional contributions 
•	Governmental Joint Projects - Promoted sustainable urban 
planning, healthcare improvements, and innovative agriculture 
practices.
•	Health Walkway/Park in Mahout: Enhanced community health 
and wellness infrastructure.
•	Fruits and Vegetable Market in Adam: Supported local 
agricultural and economic development.
Local contributions 
•	Dialysis Unit in Adam: Strengthened healthcare access for 
local communities.
•	Heritage Festivals in Wilayats Thumriate and Muqshin: 
Preserved cultural heritage while boosting local economic 
activity.
•	Attah Ramadan Initiative: Provided essential resources to 
vulnerable families during Ramadan.
•	Preparatory Classes in Wilayat Al Jazir: Improved education 
readiness and access for students in rural areas.
•	World Health Day at Al Waha School: Celebrated health 
awareness activities for 850 students. 
•	Muqshin School Support: Provided water filtration systems 
and printers to enhance educational infrastructure.
These initiatives highlight Tethys Oil’s commitment to minimising 
negative impacts, fostering economic opportunities, and 
respecting the rights and traditions of local communities.
and ensuring that its operations respect the rights, traditions, 
and welfare of affected communities.
Activities and results 2024
In 2024, Tethys Oil strengthened its commitment to supporting 
communities associated with its operations, addressing vital 
needs in water access, sanitation, education, health, and 
cultural heritage preservation. 
Continuous engagement with stakeholders at national, 
regional, and local levels across Blocks 49, 56, and 58 ensured 
alignments with community priorities and integration into the 
Group’s activities.
Building on the CSR Policy established in 2023, Tethys Oil 
expanded its efforts through collaboration with its Joint Venture 
partners under the CSR Committee, which operates with an 
annual budget of MUSD 1. These initiatives focused on 
fostering community development and supporting sustainable 
local practices.
During the year the following initiatives have taken place in 
Tethys Oil’s operated and non-operated blocks:
Global and national community contributions 
• Outward Bound Oman, “Musta’ad Program”: Strengthened 
leadership and community involvement among local youth in 
Sharqiya, Jabal Akhdhar, and Salalah, benefiting 674 
participants.
•	Support and Sponsorship of the 24th Annual Dhofar Festival: 
Promoted Omani heritage through cultural and community-
focused initiatives in 2024.
Tethys Oil community engagement is focused on three segments integrated with the ESG strategy.
Build ESG strategy 
around company goals
Know what stakeholders 
care about
Develop programmes 
that engages employees
Develop the integration 
of ESG
Regional
communities
Global and
national
community
Local
communities
Sustainability statements – Social and safety
Tethys Oil Annual Report 2024
37

Social investments in local communities
Social investments in local communities, Blocks 3&4, gross
Unit
2024
2023
2022
Cash
MUSD
1.2
1.0
1.0
In kind
MUSD
0.0
0.0
0.0
Volunteering hours
hours
0.0
0.0
0.0
Social investments in local communities, Blocks 49, 56, 58, gross
Unit
2024
2023
2022
Cash
MUSD
0.038
0.056
0.032
In kind
MUSD
0
0
0.001
Volunteering hours
hours
8 hrs distribution of 
coupons for Iftar 
Saym for Ramadan
8 hrs distribution of 
coupons for Iftar 
Saym for Ramadan
8 hrs distribution of 
coupons for Iftar 
Saym for Ramadan
Supporting Future Engineers at 
Sultan Qaboos University
Tethys Oil collaborates with the Society of Petroleum 
Engineering (SPE) at Sultan Qaboos University to 
nurture technical and soft skills among students. Key 
initiatives include workshops, mentoring, and the 
“Energy for Me” programme, which introduces children 
to petroleum engineering fundamentals.
This sponsorship aligns with Tethys Oil’s 
commitment to education, community development, 
and Oman’s energy future.
The following initiatives are examples of additional community engagement projects collectively undertaken by the Groups 
operated and non-operated blocks to support the SDG Goals:
Project
Aligned with SDG goal 
National/Regional/Local
Iftar Saeem Initiative 2024
10 – Reduce Inequalities
Local
MEM Joint Projects
10 – Reduce Inequalities
Regional
Health Walkway/Park (Mahout)
3 – Good Health and Well Being
Regional
Heritage Festivals in Thumriate and Muqshin
8 – Decent Work and Economic Growth
Local
Nubian Ibex Conservation
15 – Life on Land
Regional
Traffic week 2024
3 – Good Health and Well-Being
Regional
Workshops for students with special needs
3 – Good Health and Well-Being
Regional
Muqshin School Support
4 – Quality Education
Local
Outward Bound Oman “Musta’ad Program”
4 – Quality Education
National
Sustainability statements – Social and safety
Tethys Oil Annual Report 2024
38

Governance
Goal: Strengthen and​ uphold a 
high standard of integrity and​ 
ethical ­business conduct
Business conduct
Tethys Oil Annual Report 2024
39
Sustainability statements – Governance
Goal:​ Resilience to a 
low-carbon future
Business resilience

Business conduct
Why is this important? 
Failure to conduct a business in an ethical and transparent way 
can threaten a company’s resilience or license to operate. Legal 
violations, operational negligence or corruption can have severe 
consequences for a company’s reputation or financial stability. 
The consequences are material and have direct impact on the 
business, its employees, shareholders, communities, families, 
suppliers and customers. 
Tethys Oil’s approach 
Tethys Oil holds a high standard of ethical, moral, and legal 
business conduct and expects its staff to act honestly, with 
integrity and in accordance with the Group’s Code of Conduct. 
The Code covers policies, standards, laws and regulations that 
govern the business. These are the foundations for the Group’s 
work with regards to ethics, anti-corruption, and human rights. 
The Code constitutes the commitment of the Group, and its 
Board of Directors and its employees to aspire to high 
standards of conduct. Employees are encouraged to report 
suspected or known cases they believe may be illegal or a 
violation of the Group’s Code of Conduct or any Group policies. 
To provide a secure avenue for employees and third parties to 
disclose concerns regarding improper, unethical or illegal 
conduct, Tethys Oil has implemented a Whistleblowing Policy 
and a whistleblower system, which are proactively 
communicated to employees. Complaints covered by the 
whistleblower system and other cases of suspected violation of 
the Code of Conduct, are managed in accordance with Tethys 
Oil’s procedures. During 2024, zero cases were reported to the 
whistleblowing channel.
Critical concerns include concerns about the organisation’s 
potential and actual negative impacts on stakeholders raised 
through grievance mechanisms stated in Tethys Oil’s 
Whistleblowing Policy. The Group’s grievance mechanism is a 
routinised process through which grievances can be raised and 
remedy can be sought. 
Tethys Oil has zero tolerance for corruption. The Group has 
adopted an Anti-Corruption Policy and transparent procedures 
for employees, business partners and other external 
stakeholders to report suspected corruption cases to prevent 
the abuse of for example public office, company position, power 
for private gain, or the misuse of private power in relation to 
business. The policy and the procedures are based on 
Transparency International’s Business Principles framework. 
Goal
Target
Performance KPI
Policy Statement
A high standard of integrity and 
ethical ­business conduct, based 
on Tethys Oil’s zero-tolerance 
policy on bribery and ­corruption
100 percent employees trained on 
Code of Conduct and relevant 
policies and procedures
Employees who completed the 
Code of Conduct course
Supplier Code of Conduct
Group Code of Conduct
 
Status
Status
 
100 percent
Supplier Code of Conduct adopted 
2024
Overview of Group policies
Group Code of Conduct
Vision, Mission and Values
Group Policies
Information and 
Insider Policies
Diversity and Non-
Discrimination Policy
Supplier Code of Conduct
Environment and 
Climate Policy
Data and External 
Privacy Policy
Anti-Corruption Policy
Human Rights Policy
Anti-Fraud Policy
CSR Policy
HSE Policy
Stakeholder 
Relations Policy
AML, CTF and KYC Policy
Whistleblowing Policy
Biodiversity Policy
 IT & Data Security 
Policy & Procedure
Sustainability statements – Governance
Tethys Oil Annual Report 2024
40

Tethys Oil recognises that accepting or offering gifts or 
hospitality of moderate value is customary and in accordance 
with local business practice in the region that it operates. Tethys 
Oil has a policy on gifts in place that clarifies the requirements 
for staff and contractors when receiving or offering gifts on 
behalf of the Group.
It is strictly prohibited for Tethys Oil’s staff or contractors to 
give, authorise, offer, promise, request or receive gifts, 
hospitality and entertainment to improperly influence or reward 
acts or decisions or as an actual or intended compensation for 
any improper benefit. 
Tethys Oil has strict anti-fraud policies aimed at safeguarding 
the Group and its staff from fraud and dishonest behaviour. The 
implementation of the policy aims to improve all Tethys Oil 
staff’s knowledge and understanding of what constitutes fraud, 
how to prevent, detect and report suspected fraud and where 
the responsibility for investigation lies. The policy also aims to 
assist in creating an atmosphere of openness and trust where 
staff feels comfortable and able to raise concerns without the 
risk of repercussions. 
Activities and results 2024
Tethys Oil is responsible for regularly reviewing the Group’s 
policies. The Policy Group consists of representatives from the 
legal, compliance, investor relations, sustainability, and human 
resources departments. Each business area manager is 
responsible for revising policies when significant changes occur 
that affect their content. Policy updates are prepared 
collaboratively with input from relevant areas and functions 
within the organisation. Following feedback, final versions are 
submitted for approval by the Board of Directors or the 
Managing Director. The Managing Director or another member of 
the Group Executive Management ensures the implementation 
of the Group’s policies.
During the year, existing policies were reviewed and updated 
to address emerging risks and regulatory requirements. A 
reassessment of risk exposures resulted in updates of several 
Group Policies. A new Climate and Environmental Policy was 
developed to comply with the evolving regulatory expectations 
and stakeholder priorities. The Whistleblowing Policy was also 
refined to improve accessibility and compliance with 
international best practices. These efforts highlight Tethys Oil’s 
ongoing commitment to ethical business conduct and its 
adherence to the principles of its Code of Conduct.
Sustainability statements – Governance
Tethys Oil Annual Report 2024
41

Sustainability Working Group 
The Sustainability Working Group is a cross-functional team of 
subject matter experts that manages and coordinates the 
publication of the Group’s Sustainability Report as well as other 
ESG related matters and efforts, as directed by the Executive 
Management. Tethys Oil’s Head of Sustainability is responsible 
for overseeing ongoing activities as well as developing and 
implementing strategies within the scope of the Sustainability 
Working Group.
The Board of Directors 
The Board regularly reviews management reports and welcomes 
external perspectives on a range of sustainability issues and 
strategy development, including climate, environmental 
performance, diversity and inclusion of our workforce, and 
community engagement. The Board members routinely pursue 
opportunities to remain well informed on recent developments. 
Audit Committee: 
Supervises the Group's financial reporting including the 
­sustainability reports and is providing support to the Board 
in the decision making process regarding such matters. 
Remuneration Committee: 
Supports the Board on decisions regarding remuneration to 
the Managing Director including proposals and follow-up on the 
KPIs for variable salary which includes ESG parameters. 
Technical Committee: 
Follows-up on technical evaluations and operational work and 
reviews the operations management system including HSE 
­matters.
Sustainability Committee: 
Responsible for reviewing and monitoring the continuity and 
­progress of the Groups sustainability goals, the management 
of sustainability risks and the compliance with the Group 
­Policies and the Code of Conduct. 
Tethys Oil’s sustainability governance structure in 2024
Board of Directors
Appoints the Managing Director
General Meeting
Elects the Board and Auditor
External Auditor
Shareholders
Remuneration Committee
Technical Committee
Audit Committee
Sustainability Committee
Managing Director
Group Executive Management
External Reserves and 
Resources Evaluator
Sustainability statements – Governance
Tethys Oil Annual Report 2024
42

Payments to authorities
Production sharing
Income taxes
Licence costs
Total
GRI 
indicator
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Per project
Barrels (’000) Barrels (’000)
USD (’000)
USD (’000)
USD (’000)
USD (’000)
USD (’000) USD (’000)
USD (’000)
USD (’000)
Oman
Blocks 3&4
1,386
1,545
78,410
90,435
33,506
36,672
0
0
111,916
127,107
207-4
Blocks 49
255
255
Blocks 56
30
1,409
936
350
250
350
2,595
Blocks 58
250
350
250
350
Total Oman
1,386
1,575
78,410
91,844
33,506
37,608
855
600
112,771
130,052
Gibraltar
967
763
967
763
Total Tethys Oil
1,386
1,575
78,410
91,844
34,473
38,371
855
600
113,738
130,815
Per Authority
Sultanate of Oman 
– Ministry of Energy 
and Minerals
1,386
1,575
78,410
91,844
300
200
78,710
92,044
207-4
Sultanate of Oman 
– Ministry of Finance
33,506
37,608
555
400
34,062
38,008
Total Oman
1,386
1,575
78,410
91,844
33,506
37,608
855
600
112,771
130,052
Total Gibraltar
967
763
967
763
Total Tethys Oil
1,386
1,575
78,410
91,844
34,473
38,371
855
600
113,738
130,815
Social fines
Non-compliance with laws and regulations 
in the social and economic area
Units
2024
2023
GRI indicator
Total number of significant fines
number
0
0
419-1
Total monetary value of significant fines
MUSD
0
0
Total number of non-monetary sanctions
number
0
0
Cases brought through dispute resolution mechanisms
number
0
0
Corruption
Confirmed incidents of corruption and actions taken
Units
2024
2023
GRI indicator
Total number and nature of confirmed incidents of corruption
number
0
0
205-3
Total number of confirmed incidents in which employees were 
dismissed or disciplined for corruption
number
0
0
Total number of confirmed incidents when contracts with 
business partners were terminated or not renewed due to 
violations related to corruption.
number
0
0
Public legal cases regarding corruption brought against the 
organisation or its employees during the reporting period
number
0
0
Confirmed breaches to the Code of Conduct
number
0
0
Communication about anti-corruption policies and 
procedures
Units
2024
2023
GRI indicator
Communication of anti-corruption policy to the Board of Directors
number of members
5
5
205-2
%
100
100
Communication of anti-corruption policy to the employees
Group level
Executive management
number of employees
4
4
205-2
%
100
100
Middle management
number of employees
7
7
%
100
100
Operative staff
number of employees
25
22
%
100
100
Sustainability statements – Governance
Tethys Oil Annual Report 2024
43

Task force for Climate-related Financial Disclosures
Tethys Oil is committed to producing oil and natural gas in an 
efficient and sustainable manner, aiming to provide affordable 
and accessible energy to meet the needs of a growing global 
population while enhancing quality-of-life standards worldwide. 
The Group recognises and shares the global concerns 
surrounding sustainability challenges, including the risks posed 
by climate change.
In response to these emerging climate-related risks, Tethys 
Oil has adopted the recommendations of the Task Force on 
Climate-related Financial Disclosures (TCFD) to enhance its 
approach to climate related risks and transparency.
TCFD framework
The TCFD was established in 2015 by the Financial Stability 
Board (FSB) to create voluntary, consistent guidelines for 
climate-related financial disclosures. These disclosures aim to 
help investors, financial institutions, and insurance underwriters 
better understand material risks associated with climate change.
Under the TCFD framework, companies are encouraged to 
demonstrate the resilience of their business models in relation 
to the transition to a lower-carbon economy. As part of this 
assessment, the use of “below 2 degrees” scenarios is 
recommended to serve as a reference for such transitions. 
The four pillars of the TCFD framework are:
Governance
Disclose the Group’s governance around climate-related 
risks and opportunities.
Strategy
Disclose the actual and potential impacts of climate-related 
risks and opportunities on the Group’s businesses, 
strategy, and financial planning where such information is 
material.
Risk management
Disclose how the Group identifies, assesses, 
and manages climate-related risks.
Metrics and targets
Disclose the metrics and targets used to assess and 
manage relevant climate-related risks and opportunities 
where such information is material.
Sustainability statements – Governance
Tethys Oil Annual Report 2024
44

Strategy and risk management
Identification of climate related risks
The Board has established a Sustainability Committee to 
amongst other things address, climate related risks. Following 
the TCFD Framework, Tethys Oil has identified several potential 
climate related risks, categorised either as transition or physical 
risks. The risks are mostly long-term in nature, meaning the 
impact is estimated to come in more than 10 years. Some 
medium term risk, i.e. risks estimated to have impact within the 
coming ten years, specifically within the regulatory environment 
have also been identified.
Physical risks
Type of climate 
related physical 
risks
Frequency/degree 
of vulnerability1
Climate change 
Impacts due to 
identified 
vulnerability2
Risk 
magnitude3
Comments 
Cyclone
1
1
1
The location of the blocks and nature of the surrounding landscape 
would mean the area is not subject to cyclones.
High waves
1
1
1
The blocks are located far away from the coast, and as a result, 
are not subject to high waves.
Landslides
1
1
1
The location of the blocks excludes the impacts of landslides, 
as they are highly unlikely in the area.
Dust storms
3
1
3
The location of the site and nature of the surrounding landscape would 
mean the blocks could be subject to high dust levels and dust storms 
which can reduce visibility for vehicles and workers in the area.
High 
temperatures
2
1
2
High temperatures are typical in the area particularly in the summer 
months when temperatures peak. Care should be taken to ensure 
shelter and sufficient water is provided to hydrate workers on site; and 
where possible, to provide breaks at time periods when temperatures 
peak in the summer months.
Sea level rise
1
1
1
The blocks are located far away from the coast, and as a result, are not 
subject to high sea level rise.
Heavy rains
2
1
2
In the event of heavy rains, potential flooding is possible due to flat lying 
land and lack of drainage in the area. This potentially can cause ground 
contamination.
Flash flooding 
2
1
2
In the event of heavy rains, potential of flash flooding is possible due to 
flat lying land and lack of drainage in the area.
1	1, 2 or 3 assigned for low, medium or high frequency of vulnerabilities 
2	1, 2 or 3 assigned for low, medium or high impacts due to identified vulnerabilities 
3	Risk magnitude should be calculated by multiplying frequency and climate impact
Transition risks
•	Oil price decline driven by lower demand (long-term).
•	Carbon price increases resulting from measures to 
incentivise emissions reductions (long-term).
•	Stricter regulations for granting new licenses, requiring 
more conditions to be met and longer processing times 
for approvals (mid-term).
•	Reputational challenges facing the oil and gas industry, 
potentially affecting the social license to operate, talent 
attraction and retention, and the valuation of existing 
assets (mid-term).
Sustainability statements – Governance
Tethys Oil Annual Report 2024
45

Scenario analysis and climate resilience
To stress-test the resilience of Tethys Oil’s business model  
regarding to the transition risks, the Group conducts a scenario 
analysis exercise. This analysis increases the understanding of 
the impact of different transition paths to a low carbon economy 
on the valuation of the Group’s assets and the recoverability of 
the Group’s reserves and resources. 
Three different scenarios from the International Energy 
Association (IEA) were considered.
Transition scenarios
Net zero emissions by 2050 (NZE by 2050)
Announced pledges scenario (APS)
Stated policies scenario (STEPS)
Definitions
The global energy sector reaches net 
zero CO2 emissions by 2050. It does not 
rely on emissions reductions from outside 
the energy sector to achieve its goals.
All climate commitments made by 
governments and industries around the 
world, including the Nationally Determined 
Contributions (NDCs) and long-term net zero 
targets, will be met in full and on time.
All energy related policies, both current and 
under development sector-by-sector and 
country-by-country that were in place by the 
end of August 2024, are assumed to take 
effect. 
Objectives
To show what is needed across the main
sectors by various actors, for the world to 
achieve net zero energy related and 
industrial process CO2 emissions by 2050.
To show how close current pledges get the 
world towards the target of limiting global 
warming to 1.5 °C, it highlights the 
“ambition gap” that needs to be closed to 
achieve the goals agreed in Paris in 2015.
To provide a benchmark to assess the 
potential achievements of recent develop- 
ments in energy and climate policy. The dif- 
ferences between STEPS and the APS high- 
lights the “implementation gap” that needs 
to be closed to achieve the announced 
targets.
Source: https://www.iea.org/reports/global-energy-and-climate-model/understanding-gec-model-scenarios
Oil price
NZE by 2050
APS
STEPS
Real terms
2023
2030
2040
2050
2030
2040
2050
2030
2040
2050
IEA crude oil (USD/barrel)
82
42
30
25
72
63
58
79
77
75
Carbon pricing
USD per tonne of CO2
2030
2035
2040
2050
Net zero emissions by 2050 scenario (NZE by 2050)
Advanced economies with net zero pledges
140
180
205
250
Emerging markets and developing economies with net zero pledges
90
125
160
200
Other emerging markets and developing economies
15
25
35
55
Announced pledges scenario (APS)
Advanced economies with net zero pledges
135
160
175
200
Emerging markets and developing economies with net zero pledges
40
65
110
160
Stated policies scenario (STEPS)
Canada
126
126
126
126
European Union
140
145
149
158
Sustainability statements – Governance
Tethys Oil Annual Report 2024
46

Given the inputs from each scenario, Tethys Oil evaluated the 
impact on the 2024 2P+2C reserves and resources of the:
a)	Oil price stand alone
b)	Oil price and carbon pricing in combination
Both the operational control and equity share method including 
scopes 1 and 2 of each method was evaluated. To maximise the 
stresstest the highest carbon pricing, that of advanced 
economies was used. The GHG emissions for 2024 are 
adjusted for the effect of the Gas-to-Power project was applied.
As can be seen in the tables below, “Stated Policies” and 
“Announced Pledges” scenarios will allow to recover 80 to 90% 
of value, if oil price impact is considered, and 60 to 90% of 
value, when both oil price and carbon tax impacts are 
considered (for Operational control and Equity share methods of 
carbon accounting), while 100% of volumes are expected to be 
recovered. “Net Zero by 2050” would lead to a more drastic 
impact on valuation, impacting 80 to 95%. Currently, carbon 
taxing in Oman is considered a low-probability scenario in the 
mid-term; therefore, the risk to value recovery and volume 
recovery seems to be a low-probability event.
Scenario impact on 2P+2C reserves
Operational control approach for GHG accounting*
NZE by 2050
APS
STEPS
Oil price impact
80%
20%
10%
How much of 2P+2C reserves will be recovered?
36%
100%
100%
Oil price and Carbon pricing impact (S1+S2)
80%
20%
10%
How much of 2P+2C reserves will be recovered?
36%
100%
100%
Equity share approach for GHG accounting*
Net zero emission by 2050
Announced pledges
Stated policy
Oil price impact
80%
20%
10%
How much of 2P+2C reserves will be recovered?
36%
100%
100%
Oil price and Carbon pricing impact (S1+S2)
95%
40%
30%
How much of 2P+2C reserves will be recovered?
36%
100%
100%
*	NPV at 10%
Risk management
Measures to mitigate both transition and physical risks have 
been put in place on both the operated and the non-operated 
Blocks.
Mitigation measures for transition risks 
•	Reduction of GHG emissions: The Gas-to-Power project aims 
to eliminate routine flaring and replace diesel consumption 
for stationary combustion on Blocks 3&4.
•	Carbon intensity KPI: A carbon intensity key performance 
indicator has been introduced in management reporting.
•	Carbon pricing in valuations: Carbon pricing assumptions are 
incorporated into internal valuations for all current and 
potential future projects.
•	Regulatory adaptation: Tethys Oil closely monitors existing 
and emerging climate-related regulatory requirements at 
international, national, and regional levels to adapt its 
operations to evolving standards.
Mitigation measures for physical risks
•	Dust suppression: Dust control measures are employed 
during high winds and dust generation to improve visibility for 
vehicles and reduce particulate matter to compliant levels. 
Dust levels are monitored quarterly to ensure compliance with 
the Environmental Authority of Oman’s (EA) standards.
•	Flood management: Drainage systems are installed around 
buildings and oil tanks to minimise the impact of potential 
floods caused by heavy rains and weather incidents.
•	Storm and lightning protection: Precautions are in place to 
prevent lightning strikes and protect workers and vehicles 
during storms.
•	Heat management: During high temperatures, workers are 
provided with shelter, ample water and when possible, breaks 
during peak summer heat periods.
Sustainability statements – Governance
Tethys Oil Annual Report 2024
47

Water used and discharged
Total for the Group
In the areas with water stress 
(B3&4, B49, B56, B58)
Water withdrawal
Unit
2024
2023
2022
2021
2024
2023
2022
2021
GRI 
indicator
Water withdrawn, total
megaliters
2,057
1,951
1,681
1,603
2,057
1,951
1,681
1,603
303-3, 
303-5
thereof produced water
megaliters
1,434
1,346
1,091
913
1,434
1,346
1,091
913
   thereof freshwater (≤1.000 mg/l 
   total dissolved solids)
megaliters
0
0
0
0
0
0
0
0
   thereof other water (>1.000 mg/l 
   total dissolved solids)
megaliters
1,434
1,346
1,091
913
1,434
1,346
1,091
913
thereof third-party water
megaliters
30.1
32.0
36.4
42.0
30.1
32.0
36.3
42.0
   thereof freshwater (≤1.000 mg/l 
   total dissolved solids)
megaliters
30.1
32.0
36.4
42.0
30.1
32.0
36.3
42.0
      thereof groundwater
megaliters
30.1
31.9
36.3
42.0
30.1
31.9
36.3
42.0
      thereof surface water
megaliters
0.1
0.1
0.1
0.1
0.1
0.0
0.0
0.0
thereof groundwater
megaliters
592.8
572.5
553.4
648.2
592.8
572.5
553.4
648.2
   thereof freshwater (≤1.000 mg/l 
   total dissolved solids)
megaliters
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
   thereof other water (>1.000 mg/l 
   total dissolved solids)
megaliters
592.8
572.5
553.4
648.2
592.8
572.5
553.4
648.2
Water consumed
megaliters
1,838
1,664
1,404
1,459
1,838
1,664
1,404
1,459
Water recycled and reused
megaliters
1,225
1,059
813
769
1,225
1,059
813
769
Re-injected produced water vs. 
produced water
%
85.4%
78.7%
74.5%
84.2%
85.4%
78,70%
74.5%
84.2%
Re-injected produced water vs. 
total water withdrawn
%
59.6%
54.3%
48.4%
47.9%
59.6%
54,30%
48.4%
48.0%
Total for the Group
In the areas with water stress 
(B3&4, B49, B56, B58)
Water discharged
Unit
2024
2023
2022
2021
2024
2023
2022
2021
GRI 
indicator
Water discharged by destination
megaliters
220
287
277
144
220
287
277
144
303-4
thereof evaporated
megaliters
220
287
277
144
220
287
277
144
thereof freshwater (≤1.000 mg/l 
total dissolved solids)
megaliters
0
0
0
0
0
0
0
0
thereof other water (>1.000 mg/l 
total dissolved solids)
megaliters
220
287
277
144
220
287
277
144
Utility water: fresh water from third-party provider
No water withdrawal estimated for B49/56/58
Performance data
Introduction
Tethys Oil remains committed to monitoring and reporting key 
environmental and operational performance metrics.
Water usage continues to be reported for transparency, even 
though it is not a material issue due to water is only used in 
the non-operated blocks. Total water withdrawn in 2024 was 
2,057 megalitres, with a majority being produced water rather 
than freshwater.
Total waste generation increased in 2024, mainly due to soil 
contamination from a spill incident in the non-operated Blocks 
3&4. The Group remains proactive in remediation efforts and 
improving waste management strategies.
Tethys Oil continues to integrate sustainability into its 
operations, ensuring responsible resource use and minimising 
environmental impact. On the following pages, non-financial 
performance data and indices are presented in reference to 
GRI and TCFD.
Sustainability statements – Performance data
Tethys Oil Annual Report 2024
48
  Performance data for Tethys Oil operated activities
  Performance data for non-operated Blocks 3&4
  Total Performance data for entire Group

Waste
Waste from operated Blocks 49, 56, 58
Unit
2024
2023
GRI indicator
Total waste
t
25.5
19.8
306-3, 306-5
thereof non-hazardous waste
t
25.5
19.6
thereof non-hazardous waste at landfill
t
25.5
19.6
thereof non-hazardous waste disposed to a designated locations 
by the municipalities in Oman; offsite; general waste
t
25.5
19.6
Hazardous waste
0.0
0.2
thereof hazardous waste disposed to a designated locations 
by the municipalities in Oman; landfill; offsite
t
0.0
0.2
Waste directed to disposal
t
25.5
19.8
Waste from non-operated Blocks 3&4 (excluding contractors in 2023)
Unit
2024
2023
GRI indicator
Total waste
t
9,088.0
414.3
306-3, 306-5
thereof non-hazardous waste
t
9,088.0
414.3
thereof non-hazardous waste at landfill
t
9,088.0
414.3
thereof non-hazardous waste disposed to a designated locations 
by the municipalities in Oman; offsite; general waste
9,088.0
414.3
Hazardous waste, liquids
t
17,977.5
19,674.0
thereof hazardous waste to landfill, onsite
t
9,192.3
10,698.1
thereof hazardous waste disposed to a designated locations by the 
municipalities in Oman; landfill; offsite
t
8,785.2
8,976.0
Waste directed to disposal
t
9,088.0
414.3
Hirings
New employee hired by 
age group and gender
Unit
Number of employees
From which, women
GRI indicator
2024
2023
2024
2023
Total Group level
<30 years old
number
0
0
0
0
401-1
rate
0%
0%
0%
0%
30–50 years old
number
4
3
0
0
rate
17%
13%
0%
0%
>50 years old
number
2
0
0
0
rate
40%
0%
0%
0%
Sweden
<30 years old
number
0
0
0
0
401-1
rate
0%
0%
0%
0%
30–50 years old
number
2
1
0
0
rate
29%
13%
0%
0%
>50 years old
number
0
0
0
0
rate
0%
0%
0%
0%
Oman
<30 years old
number
0
0
0
0
401-1
rate
0%
0%
0%
0%
30–50 years old
number
2
2
0
0
rate
12%
11%
0%
0%
>50 years old
number
2
0
0
0
rate
200%
0%
0%
0%
Sustainability statements – Performance data
Tethys Oil Annual Report 2024
49

Hirings
New employee hired by 
age group and gender
Unit
Number of employees
From which, women
GRI indicator
2024
2023
2024
2023
UAE
<30 years old
number
0
0
0
0
401-1
rate
0%
0%
0%
0%
30–50 years old
number
0
0
0
0
rate
0%
0%
0%
0%
>50 years old
number
0
0
0
0
rate
0%
0%
0%
0%
Employee turnover by 
age group and gender
Unit
Number of employees
From which, women
GRI indicator
2024
2023
2024
2023
Total Group level
<30 years old
number
0
0
0
0
401-1
rate
0%
0%
0%
0%
30–50 years old
number
1
1
0
1
rate
4%
5%
0%
11%
>50 years old
number
2
0
0
0
rate
31%
0%
0%
0%
Sweden
<30 years old
number
0
0
0
0
401-1
rate
0%
0%
0%
0%
30–50 years old
number
0
1
0
1
rate
0%
13%
0%
25%
>50 years old
number
0
0
0
0
rate
0%
0%
0%
0%
Oman
<30 years old
number
0
0
0
0
401-1
rate
0%
0%
0%
0%
30–50 years old
number
1
0
0
0
rate
6%
0%
0%
0%
>50 years old
number
2
0
0
0
rate
67%
0%
0%
0%
UAE
<30 years old
number
0
0
0
0
401-1
rate
0%
0%
0%
0%
30–50 years old
number
0
0
0
0
rate
0%
0%
0%
0%
>50 years old
number
0
0
0
0
rate
0%
0%
0%
0%
Number of employee departing the Group ÷ Average number of employees = Employee turnover
Sustainability statements – Performance data
Tethys Oil Annual Report 2024
50

Standard benefits for full-time employees
Table 1. Benefits
2024
2023
Beneficiaries
Motivation
GRI indicator
Sweden
Health insurance care
yes
yes
All employees
Health protection
401-2
Parental leave
yes
yes
All employees
Gender equality
401-2
Subsidies for holiday and treatment
yes
yes
All employees
Attraction
401-2
Subsidies for lunches
yes
yes
All employees
Attraction
401-2
Disability and invalidity coverage
yes
yes
All employees
Attraction
401-3
Retirement provision
yes
yes
All employees
Attraction
401-4
Stock ownership
yes
yes
All employees
Attraction
401-5
Oman
Health insurance care
yes
yes
All employees
Health protection
401-2
Parental leave
yes
yes
Female employees
Attraction
401-2
Subsidies for holiday and treatment
yes
yes
All employees
Attraction
401-2
Disability and invalidity coverage
yes
yes
All employees
Attraction
401-3
Retirement provision
yes
yes
All employees
Attraction
401-4
Stock ownership
yes
yes
All employees
Attraction
401-5
UAE
Health insurance care
yes
yes
All employees
Health protection
401-2
Subsidies for holiday and treatment
yes
yes
All employees
Attraction
401-2
Stock ownership
yes
yes
All employees
Attraction
401-5
Performance review
The percentage of total employees, by gender and by employee category, 
who received a regular performance and career development review
Unit
2024
2023
GRI indicator
% of members of the organization who received performance review
%
100
100
404-3
% of women who received performance review
%
100
100
% of employees with ILC, undetermined period, full time, 
who received performance review
%
100
100
% of women, with ILC, undetermined period, 
full time, who received performance review
%
100
100
% of employees with ILC, undetermined period, part time, 
who received performance review
%
100
100
% of women, with ILC, undetermined period, part time, who received 
performance review
%
100
100
Parental leave
Parental leave: Group
Unit
2024
2023
GRI indicator
Women
Men
Women
Men
Total number of employees that were 
entitled to parental leave as per end of year
number
1
5
3
6
401-3
Total number of employees that took parental 
leave during the year
number
1
4
1
0
Number of employees who returned to work 
after parental leave ended
number
0
3
1
0
Number of employees who returned to work 
after parental leave ended, who were still 
employed twelve months after their return 
to work
number
0
3
1
0
Return to work rate
%
100
75
100
100
Retention rate
%
100
100
100
100
Sustainability statements – Performance data
Tethys Oil Annual Report 2024
51

TCFD index
Recommended TCFD Disclosure
Comment 
Location of Disclosure
Governance
a) Board’s oversight of climate related risks
Process and frequency of information
Business conduct, p. 40
Influence on business planning and goals
Business conduct, p. 40
How the Board assesses progress against goals
Business conduct, p. 40
b) Management’s role in assessing and managing climate-related risks
Responsibilities for climate-related risks
Business conduct, p. 40
Description of organisation structure
Business conduct, p. 40
Process of communication
Business conduct, p. 40
Process for monitoring
Business conduct, p. 40
Strategy
a) Near, medium, and long-term climate-related risks
Description of time horizons
Long-term (mostly) and mid-term 
(selectively) have been identified
Strategy and risk management, p. 45
Specific risks that could be material 
for each time horizon
Strategy and risk management, p. 45
Process to determine material risks
Strategy and risk management, p. 45
b) Impact on business, strategy and planning
Impact on business and strategy
Strategy and risk management, p. 45
Impact on financial planning, timing 
and prioritization
Risk management, p. 47
How risks are integrated into 
current decision-making and 
strategy formulation
Risk management, p. 47
Describe climate-related strategies
3 external scenarios considered 
Scenario analysis and climate resilience, p. 46
c) Resilience of strategy using 2-degree or lower scenarios
Impact on valuation of reserves and 
resources under different transition 
scenarios (oil price and carbon pricing)
Scenario analysis and climate resilience, p. 47
Risk Management
a) Process to assess climate-related risks
Risk management process
Risk management, p. 47
Existing and emerging regulatory requirements
Emissions management, p. 20
Process for assessing size and scope of risk
Strategy and risk management, p. 45 
Scenario analysis and climate resilience, p. 46–47
b) Process to manage climate-related risks
Risk management, p. 47
c) Integration of risk process into overall risk management
Risk management, p. 63–65
Metrics and Targets
a) Metrics used to assess climate-related risks
GHG emissions, GHG intensity, Energy con­
sumption & intensity Water use & discharge
Emissions management, p. 21, 23-24
Performance data, p. 48
b) Scope 1 and Scope 2 emissions
Scope 1, 2 and 3 calculated with Equity 
share and Operational control methods
Emissions management, p. 21, 23-24
c) Describe targets used
No routine flaring by 2030
Emissions management, p. 22
Tethys Oil Annual Report 2024
52
Sustainability statements – TCFD index

Statement of use
Tethys Oil AB (publ) has reported the information cited in this GRI content index for the period 1 January 2024 to 31 December 
2024 with reference to the GRI Standards and with the use of GRI 1: Foundation 2021 and the applicable GRI Sector Standard 
GRI 11: Oil and Gas 2021. 
AR: Tethys Oil annual Report 2024
GRI index
GRI standard
Disclosure
Location
Comments
Sector 
standard 
ref. no.
General disclosures
GRI 2: General 
Disclosures 2021
2-1 Organisational details
AR Backcover
A-d) Applicable
2-2 Entities included in the organisation’s 
sustainability reporting
AR 13
A-d) Applicable
2-3 Reporting period, frequency and contact point
AR 13 
A-d) Applicable
2-4 Restatements of information
AR 13
A) Applicable i. Applicable, ii, 
Applicable, iii Applicable 
2-5 External assurance
AR 53, 91–93
A) Applicable b) i. Applicable, ii, 
Applicable, iii Applicable
2-6 Activities, value chain and other business 
relationships
AR 6
A) Applicable b) i. Applicable, ii, 
Applicable, iii Applicable c) 
Applicable d) Applicable 
2-7 Employees
AR 29–32
A) Applicable b) i. Applicable, ii, 
Applicable, iii Not applicable iv. 
Applicable v. Applicable c) i Applicable 
ii Applicable d) Applicable e) Applicable 
2-8 Workers who are not employees
AR 29–32
Applicable
2-9 Governance structure and composition
AR 40–43
Applicable
2-10 Nomination and selection of the highest 
governance body
AR 40–43
Applicable
2-11 Chair of the highest governance body
AR 40–43
Applicable 
2-12 Role of the highest governance body in 
overseeing the management of impacts
AR 40–43
Applicable 2a, 2b i, ii, 2c
2-13 Delegation of responsibility for managing 
impacts
AR 40–43
A-b) Applicable
2-14 Role of the highest governance body in 
sustainability reporting
AR 40–43
A.b) Applicable 
2-15 Conflicts of interest
AR 29–30
A-b) Applicable
2-16 Communication of critical concerns
AR 29–30, 40–42
A-b) Applicable (Whistleblower policy)
2-17 Collective knowledge of the highest 
governance body
AR 29–30
A-c) Applicable 
2-22 Statement on sustainable development 
strategy
AR 11,12
A-f) Applicable + corporate policies
2-23 Policy commitments
AR 40–41
A-f) Applicable
2-24 Embedding policy commitments
AR 40–41
A) Applicable
2-25 Processes to remediate negative impacts
AR 16, 63–65
A-d) Applicable
2-26 Mechanisms for seeking advice and raising 
concerns
AR 29–30, 40
A) Applicable
2-27 Compliance with laws and regulations
AR 74–78
A-e Applicable 
2-28 Membership associations
AR 13
A) Applicable
2-29 Approach to stakeholder engagement
AR 14
A) Applicable (Stakeholder Policy)
2-30 Collective bargaining agreements
AR 29
A) Applicable
Sustainability statements – GRI index
Tethys Oil Annual Report 2024
53

GRI standard
Disclosure
Location
Comments
Sector 
standard 
ref. no.
Material topics
3-2 List of material topics
AR 19–43
A-b) Applicable
3-3 Management of material topics
AR 19–43
A-f) Applicable
GRI 201: Economic 
Performance 2016
201-1 Direct economic value generated and 
­distributed
AR 2–3, 60, 66
A-b) Applicable 
11.14.2
201-2 Financial implications and other risks and 
opportunities due to climate change
AR 44–47
A) Applicable
11.2.2
202-2 Proportion of senior management hired from 
the local community
AR 29–32
A-d) Applicable 
11.14.3
GRI 203: Indirect 
Economic Impacts 
2016
203-2 Significant indirect economic impacts
AR 36–38
A-b) Applicable
11.14.5
GRI 205: Anti-
corruption 2016
205-1 Operations assessed for risks related to 
corruption
AR 16–18, 40–42
A-b) Applicable (Anti-Corruption Policy)
11.20.2
205-2 Communication and training about anti-
corruption policies and procedures
AR 40–42
B) Applicable e) Applicable
11.20.3
205-3 Confirmed incidents of corruption and actions 
taken
AR 40–42
A-e) Applicable
11.20.2
GRI 207: Tax 2019
207-1 Approach to tax
AR 43, 83
A) Applicable
11.21.4
207-2 Tax governance, control, and risk 
management
AR 43, 78
A-c) Applicable 
11.21.5
207-3 Stakeholder engagement and management 
of concerns related to tax
AR 16, 63–65, 83
A) Applicable
11.21.6
207-4 Country-by-country reporting
AR 43
A-c Applicable
11.21.7
GRI 302: Energy 2016
302-1 Energy consumption within the organisation
AR 23
A-g) Applicable
11.1.2
302-2 Energy consumption outside of the 
organisation
AR 23
A-c) Applicable 
11.1.3
302-3 Energy intensity
AR 23
A-c) Applicable
11.1.4
GRI 303: Water 
and Effluents 2018
303-1 Interactions with water as a shared resource
AR 48
A) Applicable 
11.6.2
303-3 Water withdrawal
AR 48
A-d) Applicable
11.6.4
303-4 Water discharge
AR 48
A-e) Applicable 
11.6.5
303-5 Water consumption
AR 48
A) Applicable
11.6.6
GRI 304: Biodiversity 
2016
304-1 Operational sites owned, leased, managed in, 
or adjacent to, protected areas and areas of high 
biodiversity value outside protected areas
AR 25–27
A) Applicable i. Applicable, ii, 
Applicable, iii Applicable v. 
Applicable iv. Applicable 
11.4.2
304-2 Significant impacts of activities, products and 
services on biodiversity
AR 25–27
A) Applicable (Biodiversity Policy)
11.4.3
304-3 Habitats protected or restored
AR 25–27
A-g Applicable (Biodiversity Policy)
11.4.4
304-4 IUCN Red List species and national 
conservation list species with habitats in areas 
affected by operations
AR 27
A) Applicable i. Applicable, ii, 
Applicable, iii Applicable v. 
Applicable iv. Applicable 
11.4.5
GRI 305: Emissions 
2016
305-1 Direct (Scope 1) GHG emissions
AR 20–24
A-f) Applicable
11.1.5
305-2 Energy indirect (Scope 2) GHG emissions
AR 20–24
A) Applicable
11.1.6
305-3 Other indirect (Scope 3) GHG emissions
AR 20–24
A) Applicable
11.1.7
305-4 GHG emissions intensity
AR 20–24
A) Applicable c) Applicable, 
d) Applicable
11.1.8
305-5 Reduction of GHG emissions
AR 20–24
A-e) Applicable
11.2.3
GRI 306: Waste 2020
306-3 Waste generated
AR 49
A-b) Applicable
11.5.4
306-4 Waste diverted from disposal
AR 49
A) Applicable, b-c) Applicable 
partially
11.5.5
306-5 Waste directed to disposal
AR 49
A-e) Applicable
11.5.6
GRI 308: Supplier 
Environmental 
Assessment 2016
308-1 New suppliers that were screened 
using environmental criteria
AR 17–18, 29
A) Applicable 
/
308-2 Negative environmental impacts in the supply 
chain and actions taken
AR 18, 34
A-c Applicable
/
Sustainability statements – GRI index
Tethys Oil Annual Report 2024
54

GRI standard
Disclosure
Location
Comments
Sector 
standard 
ref. no.
GRI 401: Employment 
2016
401-1 New employee hires and employee turnover
AR 29–32, 49–51
A-b) Applicable
11.10.2
401-2 Benefits provided to full-time employees 
that are not provided to temporary or part-time 
employees
AR 29–32, 49–51
A-b Applicable
11.10.3
401-3 Parental leave
AR 29–32, 49–51
A-d) Applicable
11.10.4
GRI 403: Occupational 
Health and Safety 
2018
403-1 Occupational health and safety management 
system
AR 17–18, 33–35
A-b) Applicable
11.9.2
403-2 Hazard identification, risk assessment, and 
incident investigation
AR 13–18, 29 
A-c) Applicable, (HSE Policy)
11.9.3
403-3 Occupational health services
AR 33–35
A) Applicable, (HSE Policy)
11.9.4
403-4 Worker participation, consultation, and 
­communication on occupational health and safety
AR 33–35
A-b) Applicable
11.9.5
403-5 Worker training on occupational health and 
safety
AR 33–35
A) Applicable, (HSE Policy)
11.9.6
403-6 Promotion of worker health
AR 33–35
A-b) Applicable, (HSE Policy)
11.9.7
403-7 Prevention and mitigation of occupational 
health and safety impacts directly linked by 
business relationships
AR 16–18, 33–35
A) Applicable
11.9.8
403-9 Work-related injuries
AR 33–35
A) Applicable e) Applicable
11.9.10
403-10 Work-related ill health
AR 33–35
A-e) Applicable
11.9.11
GRI 404: Training 
and Education 2016
404-1 Average hours of training per year per 
employee
AR 32, 34
A) Applicable
11.10.6
404-3 Percentage of employees receiving regular 
performance and career development reviews
AR 51
A) Applicable 
/
GRI 405: Diversity 
and Equal Opportunity 
2016
405-1 Diversity of governance bodies and 
employees
AR 29–32, 49–50
A) i Applicabw, ii Applicable, 
b) i Applicable, ii. Applicable
11.11.5
GRI 406: Non-
discrimination 2016
406-1 Incidents of discrimination and corrective 
actions taken
AR 29–32
A-b) Applicable, (Supplier Code 
of ­Conduct)
11.11.7
GRI 408: Child Labor 
2016
408-1 Operations and suppliers at significant risk 
for incidents of child labor
AR 29–30
A-b) Applicable 
/
GRI 410: Security 
Practices 2016
410-1 Security personnel trained in human rights 
policies or procedures
AR 29–30, 40–41
A-b) Applicable (Human Risk Policy)
11.18.2
GRI 413: Local 
Communities 2016
413-1 Operations with local community 
engagement, impact assessments, and 
development ­programs
AR 17–18, 36–38
A) Applicable (Group CSR Policy)
11.15.2
Sustainability statements – GRI index
Tethys Oil Annual Report 2024
55

Auditor’s report on the 
statutory sustainability report
To the general meeting of the shareholders in Tethys Oil AB (publ), corporate identity number 556615-8266.
Engagement and responsibility
It is the board of directors who is responsible for the statutory 
sustainability report for the fiscal year 2024 on pages 10-55 
and that it has been prepared in accordance with the Annual 
Accounts Act. 
The scope of the audit
Our examination has been conducted in accordance with FAR’s 
standard RevR 12 The auditor´s opinion regarding the statutory 
sustainability report. This means that our examination of the 
statutory sustainability report is substantially different and less 
in scope than an audit conducted in accordance with 
International Standards on Auditing and generally accepted 
auditing standards in Sweden. We believe that the examination 
has provided us with sufficient basis for my our opinion. 
Opinion
A statutory sustainability report has been prepared. 
Stockholm, 8 April 2025
Deloitte AB
Andreas Frountzos
Authorised Public Accountant
Tethys Oil Annual Report 2024
56
Sustainability statements

Strategic review
In February 2024, the Board of Directors initiated a strategic 
review of the Group’s portfolio of oil and gas assets to explore 
the possibility of rebalancing the portfolio’s mix of assets and to 
increase the visibility of the assets’ fair market value. The 
investment bank, Jefferies International, was hired to advise in 
identifying and evaluating the best possible opportunities 
available to the company to maximise shareholder value.   
As a result of the process, the Board of Directors decided to 
recommend a tender offer for the whole Group by Roc Oil 
Company Pty Limited, announced on 13 September.
Roc offered SEK 58.70 in cash for each share in Tethys Oil, an 
89.05 percent premium compared to the Tethys Oil share’s 
closing price on 12 September 2024, valuing the company at 
approximately SEK 1.894 billion. The transaction closed in 
December 2024 as Roc Oil’s condition to control more than 90 
percent of the shares in Tethys Oil was met. Subsequently, the 
Tethys Oil share was delisted from Nasdaq Stockholm with 10 
January 2025 as the last day of trading. A mandatory 
redemption process has been initiated in early 2025. 
Administration report
Licences & Agreements
Tethys Oil Interest %
Phase
Expiry date
Partners
(operator in bold)
Blocks 3&4, Oman
30
Production phase
July 2040
CCED, Mitsui, Tethys Oil
Block 49, Oman
100
Initial exploration phase
December 2026
Tethys Oil
Block 56, Oman
65
Production phase
November 2044
Tethys Oil, Medco, Biyaq, Intaj
Block 58, Oman
100
Initial exploration phase
July 2025
Tethys Oil
The consolidated financial statements of the Tethys Oil Group (hereafter 
referred to as “Tethys Oil” or the “Group”), where Tethys Oil AB (publ) 
(the “Company”) with company registration number 556615-8266 is the 
parent company, are hereby presented for the twelve-month period 
ended on 31 December 2024. The amounts relating to the comparative 
period (equivalent period of last year) are shown in parenthesis after the 
amount for the current period.
The Group’s operations
Tethys Oil is an oil and gas exploration and production company 
focused on onshore areas with known oil discoveries in the 
Sultanate of Oman. The Group is headquartered in Sweden, and 
the Company’s shares were listed on Nasdaq Stockholm (TETY) 
from 2012 until 10 January 2025, when they were delisted at 
the request of its new majority shareholder, Roc Oil Company Pty 
Limited.
The Group seeks to expand its operations in Oman and the 
surrounding region. Tethys Oil’s operational approach is to 
explore, appraise and develop its assets concurrently, allowing 
for continued operations to be funded mainly by cash flow from 
production.
Operational review
Production
The Group’s reported production comes from Blocks 3&4 in 
Oman, which averaged 7,889 barrels per day in 2024 compared 
to 8,818 barrels per day in 2023. Reported production declined 
by 11 percent in 2024 compared to the previous year and 
amounted to 2.9 million barrels (3.2 million). The principal 
reason for the lower production was the severe weather 
conditions with heavy rain and floods and its aftermath 
throughout the first half of 2024. The severe weather conditions 
hampered production and export as work and infrastructure 
were periodically suspended and/or out of service, with the 
Shahd B field hit particularly hard. In the third quarter, the 
production had stabilised and began to increase as the ongoing 
production assurance and asset integrity work came into effect. 
By the fourth quarter, the production was 8,119 bopd.     
The development and appraisal drilling in 2024 focused on 
the Farha and Shahd fields, with results, on average, slightly 
above expectations on Farha South and slightly below on the 
Shahd fields. In total, 49 new development and appraisal wells 
were drilled on Blocks 3&4 in 2024. 
Tethys Oil Annual Report 2024
57
Administration report

Average daily production net to Tethys Oil, yearly 
Gas-to-Power emission reduction project 
The first phase of the Gas-to-Power project, commissioned at 
the end of 2023, was completed in 2024, with delays on Block 4 
due to adverse weather conditions. The second phase was 
initiated in 2024, with a focus on connecting wells on Block 4. 
By the end of the year, a total of around 90 wells had been 
connected to the power plant.
The Gas-to-Power system reduces routine flaring of 
associated gas by utilising it for power generation. By doing so, 
the Blocks 3&4 operations’ dependence on diesel-powered 
generators is reduced and is ultimately planned to be phased 
out. The project is expected to have a significant effect on 
Tethys Oil’s GHG emissions by eliminating flaring and reducing 
the emissions related to diesel consumption.
Exploration and appraisal operations per Block
Blocks 3&4
Five exploration wells, FNW- 001, FE-01, Salam-1, Afnan-1, and 
Shallal-1, were drilled on Blocks 3&4 in 2024, an increase from 
four wells in 2023.
In May, the first exploration well, FNW-001, was drilled in north­
ern-western Farha on Block 3, on an adjacent fault block to the 
main trend, with the Barik formation as its primary target. The 
well flowed to the surface and has been declared a discovery. A 
similar well with promising results was drilled on the northeast­
ern side of the main Farha trend in the latter part of the year to 
explore a potential oil accumulation in the Barik formation. 
In July, the exploration well Salam-1 was drilled to test the 
upper Khufai formation in the northern parts of Block 4. The well 
had oil shows on logs but also a significant water cut and was 
declared non-commercial after additional analysis. The drilling 
operations of the exploration well Afnan-1 began by the end of 
the third quarter. The well tested the Khufai formation north of 
Shahd and encountered hydrocarbons but was declared 
uncommercial due to reservoir tightness and non-commercial 
recoverable volumes. 
2010
2012
2014
2016
2018
2020
2022
2024
0
2,500
5,000
7,500
10,000
12,500
bopd
The Shallal-1 well was drilled in November to explore the heavy 
oil potential in the Amin and Miqrat formations on Block 4. As of 
the end of 2024, well testing and data analysis were ongoing.
In 2019, the partnership on Blocks 3&4 committed to a 
multiyear programme to acquire high-quality 3D seismic over the 
prospective areas with the highest potential on the two blocks. 
The 2023/2024 seismic acquisition programme covering 6,200 
km2 in the southern part of Block 4 was completed by the end of 
the third quarter. During the year, previously acquired seismic 
has been processed and interpreted, the results of which 
should be an increased number of exploration leads and 
prospects.
Block 49
Following discussions with the Ministry of Energy and Minerals 
in March, Tethys Oil entered the second exploration phase of the 
EPSA for Block 49, thus extending it by three years until 
December 2026. In the second exploration phase, Tethys Oil 
shall complete the evaluation of Thameen-1 and conduct 
additional exploration and/or appraisal activities on the block, 
including drilling a second exploration well. The exact nature and 
geographical location of these activities depend on the results 
yielded by the operations on Thameen-1.
Entering the second phase, Tethys Oil continued its focus on 
evaluating the feasibility of re-entering and re-testing Thameen-1 
through hydraulic fracking to determine its potential for oil 
production. For this purpose, Tethys Oil has conducted 
additional well analysis by performing new technical and 
geological reviews. Tethys Oil also continued the process of 
planning and tendering for an integrated service contract to 
provide all services needed for a re-test. As the process 
continues, a more detailed timeline and plan on how to best 
move forward on the block are expected to be completed in 
2025.
Block 56
In November, Tethys Oil received approval from the Ministry of 
Energy and Minerals (MEM) of the Field Development Plan (FDP) 
for Block 56, which was submitted to the Ministry in June. With 
the approval, Block 56 was declared commercial, and the 
duration of the EPSA was extended by 20 years until 2044. The 
approved FDP is a significant milestone for Tethys Oil as an 
operator and for the Block 56 partnership group.
The FDP focuses on the three oil field discoveries in the 
Eastern Flank area: Al Jumd, Menna, and Sarha. The fields cover 
multiple reservoirs, and the FDP includes a detailed plan for the 
appraisal, development, and production of their resources. 
Drilling activities are expected to begin with three horizontal 
wells on the Al Jumd discovery in the second half of 2025.
Block 56 also holds additional exploration potential with more 
than a dozen identified leads and prospects in the Eastern Flank 
area as well as from the ongoing seismic interpretation of the 
block’s Central Area. The exploration activities on the block’s 
additional leads and prospects will continue in parallel to the 
field development of current discoveries and may have a 
significant future contribution to the block’s total recoverable 
resources.
Tethys Oil Annual Report 2024
58
Administration report

Block 58
The focus of 2024 was preparing for, drilling, and testing the 
Kunooz-1 exploration well in the Fahd area in the north-eastern 
part of Block 58. Drilling started in mid-August and reached its 
final depth of 3,923 metres in the second half of October. The 
well targeted 123 mmbo of unrisked prospective resources, with 
the Nafun play carbonates Buah and Khufai as its primary 
targets and the Ara/Birba carbonates as secondary targets.
Initial results indicated high reservoir permeability but offered 
limited data availability for while-drilling evaluation of the 
hydrocarbon potential. As such, the well-testing and evaluation 
efforts continued with an open-hole test in December. The flow 
testing was unable to confirm the presence of hydrocarbons, 
and the well was subsequently suspended. The well did not 
result in a discovery, but the data gathered will be analysed, 
evaluated and used to update the view of the prospectivity of 
the play in the area.
In South Lahan, the third-party prospective resource audit of 
the prospects identified from the 450km2 3D seismic acquired 
in 2022 was completed in the second quarter. The prospects 
are intrasalt carbonate stringers within the Ara Group, a proven 
play that produces condensate and light oil in the nearby 
Harweel area on Block 6. Six prospects were identified, holding 
an estimated 251.5 mmbo of unrisked recoverable prospective 
resources (Pmean). The estimated combined risked recoverable 
prospective resources are 23.8 mmbo (Pmean). 
Following discussions with the Ministry of Energy and 
Minerals, Tethys Oil has been granted a one-year extension of 
the initial exploration phase of the EPSA for Block 58. The 
phase includes a second exploration well and expires in July 
2025. 
Signing of Heads of Agreement with Sonatrach 
In April, Tethys Oil signed a Heads of Agreement with the 
Algerian national oil and gas company, Sonatrach. The 
agreement offers Tethys Oil exclusivity to negotiate production-
sharing agreements for two areas in the north-eastern part of 
Algeria. 
The characteristics of the areas, El Hadjira II and El Haiad II, 
are in line with Tethys Oil’s focus on onshore areas with known 
discoveries. The areas are located near established oil and gas 
infrastructure as well as producing fields, with significant 
amounts of seismic and well data. 
Negotiations are proceeding and are expected to be 
concluded in 2025.
Reserves and contingent resources
Oman, Blocks 3&4
Tethys Oil’s net working interest Reserves in Blocks 3&4 Oman 
as of 31 December 2024 amount to 15,392 thousand barrels 
of oil (“mbo”) of proven and probable Reserves (2P). In 
addition, Tethys Oil’s net working interest resources oil base 
on Blocks 3&4 amounts to 18,750 mbo of 2C Contingent 
Resources. The Company’s 2024 and 2023 year-end Reserves 
were evaluated by ERC Equipoise Limited (“ERCE”) as an 
independent qualified Reserves evaluator.
Revisions and additions include a net movement of 3,221 
mbo to 2C Contingent Resources from 2P Reserves, primarily 
on the Farha South field, due to changes in the base drilling 
programme. Additions to the Reserves are primarily driven by 
the Farha North-West and Farha East fields discovered in 
2024.
Based on ERCE’s model and current oil price assumptions, 
Tethys Oil’s net entitlement Reserves (Reserves after 
government take) amount to 3,578 mbo of 1P, 8,004 mbo of 2P 
and 13,276 mbo of 3P.
The estimated Contingent Resources are attributable to the 
Erfan, Ulfa, Samha, Farha South, and Tibyan fields. Development 
of the Contingent Resources in the discoveries is contingent upon 
a committed work programme and a budget to access these 
resources.
The evaluation of the Reserves in Oman has been conducted 
using 2018 Petroleum Resources Management System 
(PRMS2018), sponsored by the Society of Petroleum Engineers 
(SPE), World Petroleum Council (WPC), American Association of 
Petroleum Geologists (AAPG), Society of Petroleum Evaluation 
Engineers (SPEE), Society of Exploration Geophysicists (SEG), 
Society of Petrophysicists and Well Log Analysts, (SPWLA), and 
the European Association of Geoscientists & Engineers (EAGE).
Development of reserves, Blocks 3&4 (working interest)
mbo
1P
2P
3P
Total 31 December 2023
12,344
21,698
36,349
Production 2024
-2,887
-2,887
-2,887
Additions and revisions
-2,577
-3,419
-7,387
Total 31 December 2024
6,880
15,392
26,075
Reserve replacement ratio, %
-89%
-118%
-256%
Contingent resources Blocks 3&4 (working interest)
mbo
1C
2C
3C
Total 31 December 2024
7,634
18,750
40,406
Financial review
Production Entitlement
The terms of the Exploration and Production Sharing Agreement 
(“EPSA”) for Blocks 3&4 allows the joint operations partners to 
recover their costs up to 40 percent of the value of total oil 
production on an annual basis, this is referred to as ‘cost oil’. 
After deducting any allowance for cost oil, the remaining 
production is split 80/20 between the government 
(“government take”) and the joint operations partners. If the 
costs incurred during the period exceeds the maximum 40 
percent of production, it is ­carried forward to be recovered in 
future periods and is referred to as the ‘Cost Pool’. If there are 
no costs to be recovered, the joint operations partners receive 
20 percent of the oil produced. The terms of the EPSA dictates 
that the joint operations partners’ share of production after 
government take to be in the range 20–52 percent, depending 
on available recoverable cost.
Tethys Oil Annual Report 2024
59
Administration report

During 2024 not all recoverable cost incurred on Blocks 3&4 
were recovered from production with the unrecovered cost being 
carried forward in the Cost Pool for the Blocks. Net entitlement 
share for 2023 remained at 52 percent (52 percent) of 
production. As per 31 December 2024 Tethys Oil’s net share of 
the cost pool balance was MUSD 42.1 (22.2).
Revenue and sales
Mitsui Energy Trading (Singapore), a subsidiary of Mitsui & Co 
Ltd, markets and sells all of Tethys Oil’s oil entitlement, the 
majority of which originates from Blocks 3&4. Oil is lifted and 
sold on a monthly basis in accordance with the official 
procedure. The oil is priced based on the Official Selling Price 
(OSP) as set by the Sultanate of Oman’s Ministry of Energy and 
Minerals, in addition to trading premiums and quality 
adjustments. The OSP is calculated using the monthly average 
price of the front month future contract of Oman Export blend 
(with 2 months to delivery) as traded on the Gulf Mercantile 
Exchange (GME).
Volumes for oil sales are nominated two to three months in 
advance and are not based upon the actual production in a 
month; as a result, sales volumes can deviate from actual 
production volumes in the period. Where the sales volume 
exceeds the quantity of barrels produced, an overlift position 
occurs and where it is less, an underlift position occurs. During 
the year, the Group’s underlift position of 5,620 barrels at the 
end of 2023 increased to 54,326 barrels at 31 December 
2024. The ­valuation of both over and underlift is based on 
market price at the balance sheet date.
Revenue and other income
2024
2023
2022
2021
2020
Oil sold, bbl
1,452,692
1,735,025
1,585,534
1,808,857
2,317,875
Underlift 
(overlift) 
movement, 
bbl
48,709
-61,340
78,829
-8,717
-160,490
Net barrels 
produced, 
after 
govern­ment 
take, bbl1
1,501,401
1,673,685
1,664,363
1,800,140
2,157,385
Achieved 
oil price, 
USD/bbl
80.7
82.4
94,2
62.8
47.7
Revenue, 
MUSD
117.3
143.0
149.4
113.5
110.7
Underlift 
(overlift) 
adjust­
ments, 
MUSD
3.6
-5.6
7.1
-0.8
-9.6
EWT
–
0.8
–
–
–
Revenue 
and other 
income, 
MUSD
120.8
138.2
156.5
112.7
101.1
1 Does not include the oil sold or the Underlift (overlift) movement from the EWT.
During 2024, Tethys Oil sold 1,452,692 barrels of oil from 
Blocks 3&4, representing a 16 percent decrease compared to 
2023 when 1,735,025 barrels of oil were sold. 
Revenue from oil sales in 2024 was MUSD 117.3 (143.0),an 
18 percent decrease compared to 2023. The decrease in 
revenue was driven by the decrease in volume oil sold but also 
impacted by a lower oil price. Achieved oil price was USD 80.7 
per barrel (82.4).
The increase of the underlift position to 54,326 barrels at the 
end of 2024 from 5,620 barrels at the end of 2023 resulted in 
an overlift adjustment of MUSD 3.6 (-5.6). 
The Revenue and the Underlift (overlift) adjustment add up to 
Revenue and other income of MUSD 120.8, a 13 percent 
decrease in 2024 compared to MUSD 138.2 in 2023.
Operating expenses
2024
2023
2022
2021
2020
Production costs, 
MUSD
35.2
37.4
33.5
31.0
29.6
Well workovers, 
MUSD
4.4
6.3
5.0
2.9
3.1
Operator G&A and 
overhead expenses
11.0
11.5
11.6
9.9
10.7
Total operating 
expenses producing 
assets, MUSD
50.6
55.1
50.1
43.8
43.4
Operating expenses 
extended well test 
Block 56, MUSD
0.1
1.3
–
–
–
Total operating 
expenses, MUSD
50.6
56.4
50.1
43.8
43.4
Operating expenses 
per barrel, USD
17.5
17.1
13.8
10.8
10.5
Production costs relate to the oil production on Blocks 3&4, 
and comprise of expenses for throughput fees, energy, 
consumables, field staff, and maintenance. Well workovers 
and interventions relate to downhole work including replacing 
of electric submersible pumps. Operator G&A and overhead 
expenses relate to administration as well as operator 
overhead.
Production costs, well workovers and operator G&A together 
comprise operating expenses, amounting to MUSD 50.6 in 
2024 (55.1), a decrease of 8 percent compared to 2023. The 
decrease is due to reduced spending in all cost categories 
driven by lower production, lower fuel consumption as a result of 
the implementation of the Gas-to-Power project and trimmed 
G&A.
Tethys Oil Annual Report 2024
60
Administration report

Depletion, depreciation and amortisation
2024
2023
2022
2021
2020
DD&A, MUSD
42.8
42.0
40.5
41.2
44.5
DD&A per barrel, 
USD
14.8
13.1
11.2
10.1
10.7
Depletion, depreciation and amortisation (“DD&A”) consists of 
two components: a linear depreciation and a depreciation linked 
to the production volume in the period. DD&A for 2024 
amounted to MUSD 42.8 (42.0). The increase in DD&A is due to 
the depreciation factor rising as a result of reduced reserves. 
The DD&A pertains to Blocks 3&4, and the linear depreciation 
relates to right-of-use assets amounting to MUSD 0.3.
Impairment
An impairment test was performed of the carrying value of 
Tethys Oil’s interest in Blocks 3&4 as of 31 December 2024. 
The impairment test resulted in a net present value of MUSD
176.6 compared to a carrying value of MUSD 201.9 and thus 
resulted in a MUSD 25.3 (36.9) impairment charge in the 
income statement. The impairment charge had no cash or tax 
impact.
Exploration Costs
Exploration costs recorded in 2024 were MUSD 31.8 (6.4) and 
are related to Blocks 3&4, Block 56 and Block 58. Nine dry or 
uneconomic wells on Blocks 3&4 amounted to a write down of 
MUSD 5.2. On Block 56 a write down of MUSD 13.8 related to 
historic oil and gas investments not considered of commercial 
value under the FDP. On Block 58, the expenses related to the 
preparation and drilling of the dry Kunooz-1 well were expensed 
to a total amount of MUSD 12.8.
Administrative expenses
Administrative expenses amounted to MUSD 15.8 for 2024 
compared to MUSD 8.3 during 2023. The increase primarily 
consists of advisory fees related to the strategic review and 
external debt financing. 
Net financial result
The net financial result for 2024 of MUSD 0.1 (-4.4) has been 
impacted by net gain due to changes in foreign exchange rates 
between the SEK and USD. Translation differences on loans 
between the parent company and subsidiaries have no effect on 
cash flows.
Tax
Tethys Oil’s oil and gas operations in Oman are governed by an 
Exploration and Production Sharing Agreement (EPSA) for each 
license, whereby Tethys Oil receives its share of oil after 
government take. Under the terms of each EPSA, Tethys Oil is 
subject to Omani income taxes, which are paid in full, on behalf 
of Tethys Oil from the government share of oil. The effect of 
these taxes is netted against revenue and other income in the 
income statement.
As the final amount of income tax is determined after the end 
of the calendar year, Tethys Oil’s preliminary assessment of the 
amount of Omani income tax paid on behalf of Tethys Oil in 
2024 is MUSD 33.5 (36.7) of which all is related to Blocks 3&4 
compared to 2023 when MUSD 0.9 was related to Block 56.
Local income generated in Tethys Oil’s Gibraltar subsidiaries 
are subject to Gibraltar taxes. Tethys Oil recorded MUSD 0.1 
(0.5) in tax in Gibraltar in 2024. 
Result
Tethys Oil reports a net result after tax for 2024 of MUSD -45.3 
(-16.5). The decrease in net result compared to 2023 is 
primarily due to lower production, increased exploration costs 
and impairments along with increase in administrative 
expenditure.
Liquidity and financing
Cash and cash equivalents as per 31 December 2024 
amounted to MUSD 16.0 (25.8). Drawdown under the term 
loan facility amounts to MUSD 27.9 (-) with an additional 32.1 
available for future drawdowns.
The free cash flow (cash flow from operations less 
investments) for the period was MUSD -37.3 (0.8). The 
decrease is primarily due to reduced cash flow from operations. 
Cash flow from operations in 2024 before change in change in 
working capital amounted to MUSD 48.7 (74.9).  
Cash flow from Investment activity increased to MUSD -89.0 
(-82.0). Cash flow from Investment activity primarily include the 
cash flow effects of investments in oil and gas properties of 
MUSD -84.4 (-81.7) and a deposit connected to the loan facility 
of MUSD -4.4 (–).
Investments and work programme
During 2024, total investments in oil and gas properties 
amounted to MUSD 81.1 compared to MUSD 81.7 in 2023. In 
2024, investments of MUSD 59.9 related to Blocks 3&4, 
MUSD 0.5 to Block 49, MUSD 10.5 to Block 56 and MUSD 
10.0 to Block 58. 
The decreased investment on Blocks 3&4 compared to 
previous year is mainly a result of reduced Geology and 
Geophysics activity and less costly appraisal wells being drilled 
compared to 2023. The overall increase in investment is due to 
the drilling of an exploration well on Block 58 and various 
payment commitments activated by the declaration of 
commerciality on Block 56.
Country/Asset, MUSD
Book value 
31 Dec 
2024
Investments 
Jan–Dec 
2024
Book value 
31 Dec 
2023
Investments 
Jan–Dec 
2023
Oman Blocks 3&4
176.6
59.9
190.0
75.2
Oman Block 49
1.8
0.5
1.2
0.5
Oman Block 56
39.7
10.5
43.4
3.7
Oman Block 58
7.9
10.0
10.2
2.2
New ventures
0.3
0.3
0.0
0.0
Total
226.2
81.1
244.8
81.7
Tethys Oil Annual Report 2024
61
Administration report

Investments 
Blocks 3&4, 
MUSD
2024
2023
2022
2021
2020
Drilling
27.7
35.8
30.1
17.6
19.4
G&G
8.9
17.1
13.4
4.1
9.2
Facilities
23.4
22.3
19.9
8.7
10.2
Total 
investments 
Blocks 3&4
59.9
75.2
63.4
30.4
38.8
Netback
USD/bbl
2024
2023
2022
2021
2020
Netback Blocks 3&4
Value of oil produced 
(Average OSP)
80.8
82.3
95.3
64.1
47.2
Government take
-38.8
-39.5
-51.6
-35.7
-22.7
Entitlement value 
(after government 
take)
42.0
42.8
43.7
28.4
24.6
Operating expenses
-17.5
-17.1
-13.8
-10.8
-10.5
Netback
24.5
25.6
29.9
17.6
14.1
Capex
-20.8
-23.4
-17.5
-7.5
-9.4
Netback 
(Net of Capex)
3.7
2.3
12.4
10.1
4.7
The decrease in Netback is a result of the decreased oil price. 
Netback after Capex has increased due to reduced capex.
Parent company
The parent company reports a net result after tax for 2024 
amounting to MSEK 365.2 (592.9). Administrative expenses 
amounted to MSEK 126.3 for 2024 (64.4). The increase is 
primarily related to costs for the Strategic Review. Net financial 
result, which consists of dividends from subsidiaries, interest 
and currency exchange fluctuations, amounted to MSEK 333.7 
(638.6) during 2024.
Other information 
Significant agreements and commitments
In Tethys Oil’s oil and gas operations, there are two main 
categories of agreements: one that governs the relationship 
with the host country, and one that governs the relationship with 
partners.
The agreements that govern the relationship with host 
countries can take different forms depending on the licensing 
and fiscal regime of the country. In the case of Tethys Oil and 
Oman the relationship is governed by Exploration and Production 
­Sharing Agreements (EPSA or PSA). Tethys Oil holds its interests 
directly through aforementioned agreements in Oman. The 
agreements with host countries have a time limit and are 
­normally divided into clearly defined time periods. Financial 
commitments and/or work commitments normally relate to the 
­different periods. 
Tethys Oil has fulfilled its commitments on Blocks 3&4. On 
Block 49, the second phase includes commitments of hydraulic 
fracturing, seismic acquisition and processing and exploratory 
drilling. On Block 56, the field development plan includes the 
development of the Al Jumd, Menna and Sarha discoveries as 
well as further exploration. On Block 58, an exploratory drilling 
commitment remains during the first phase.
The agreements that govern the relationship with partners are 
referred to as Joint Operating Agreements (JOA). In all areas of 
operation where Tethys Oil has partners, JOAs are in effect. Other 
than the aforementioned agreements, there are no individual 
agreements or similar circumstances relating to the business 
which are of crucial significance for the group’s operations or 
profitability.
In August 2024 Tethys Oil Block 3&4 Ltd entered into a 5-year 
amortising term loan facility agreement (the “Facility 
Agreement”) with Abu Dhabi Commercial Bank. 
The Facility Agreement will comprise of a credit facility of up to 
MUSD 60 with a 12-month availability period and a fixed 
amortisation schedule commencing nine months upon entering 
the agreement. The primary use of funds is capital expenditure 
on Blocks 3&4 in Oman. The amounts drawn under the facility 
are under current conditions expected to carry a single-digit 
interest, payable quarterly. As part of the agreement Tethys Oil 
also commits to hedging at least 50 percent of its interest rates 
and an average of 35 percent of its oil sales. The Facility 
Agreement is subject to customary covenants for this type of 
facility and the shares in Tethys Oil Block 3&4 Ltd acts as the 
collateral for the loan.
Board of Directors
At the Extraordinary General Meeting on January 24, 2025, Lei 
David Teng was elected as Chairman of the Board, and Shuxing 
Dong and Tao Toby Meng were elected as Board members. 
Magnus Nordin was re-elected as a Board member. Per Seime, 
Klas Brand, Rob Anderson, and Staffan Knafve simultaneously 
resigned from their Board positions.
Organisation
At the end of the year, Tethys Oil had the equivalent of 33 full 
time employees (31). Of these, 10 (11) were women. In 
addition, Tethys Oil has a number of contractors and consultants 
engaged in the Group’s operations.
Group structure
Tethys Oil AB (publ), with organizational number 556615-8266, 
is the parent company in the Tethys Oil Group. Material 
subsidiaries include Tethys Oil Block 3&4 Limited, Tethys Oil 
Montasar Limited, Tethys Oil Qatbeet Limited, Tethys Oil Oman 
Onshore Limited, Tethys Oil Invest AB and Tethys Oil France AB. 
The Tethys Oil Group was established on 1 October 2003. The 
Group has offices in Stockholm, Sweden, Muscat, Oman and 
Dubai, the United Arab Emirates.
During 2024, Tethys Oil Oman Ltd was transferred from Tethys 
Oil AB to Tethys Oil Block 3&4 Ltd and a voluntary liquidation 
process was initiated for Tethys Oil Oman Ltd.
As of 31 December 2024, Roc Oil Company Pty Limited con­
trols more than 90 percent of Tethys Oil AB’s votes and shares.
Tethys Oil Annual Report 2024
62
Administration report

Associated companies
In December 2024, Tethys Oil AB sold its holding in Odin
Energi A/S, a Danish limited liability company, which held 50% of 
the shares in a Lithuanian operating company which controls the 
Gargzdai oil production licence. The only impact of the sale on 
the Income Statement was MSEK 1.4 in advisory fees.
Seasonal effects
Tethys Oil has no significant seasonal variations.
Transactions with related parties
See note 20, Related party transactions.
Sustainability report
In accordance with the Swedish Annual Accounts Act (ÅRL 
chapter 6, §11) Tethys Oil has opted to issue the sustainability 
report
separate from the administration report. Pages 9 to 55 in the 
annual report 2024 constitute the statutory sustainability report 
in accordance with the Annual Accounts Act. The Auditor’s report 
on the Sustainability report is presented on page 56. 
Appropriation of profit
For the financial year 2024, Tethys Oil’s Board of Directors will 
propose to the AGM 2025 that no dividend is to be paid. It is 
also proposed that the balance of retained earnings are 
retained in the business as described below.
MSEK
2024
2023
Share premium reserve
548.6
548.6
Retained earnings
319.0
-272.4
Profit for the year
365.3
592.9
1,232.8
869.0
The Board of Directors proposes that these earnings be appropriated 
as follows:
To be retained in the business
 1,232.8
869.0
 1,232.8
869.0
Dividend and Distribution
The Board of Directors has proposed that no dividend for the 
financial year 2024 is to be paid. It’s the view of the Board of 
Directors that all available funds be retained in the business to 
meet the Group’s committments.
Financial statements
The result of the Group’s and parent company’s operations and 
the financial position at the end of the financial year is shown 
in the following income statements, balance sheets, cash flow 
statements, statements of changes in equity and related notes. 
Balance sheets and income statements will be resolved at the 
AGM, 7 May, 2025.
Risk & uncertainties management
Tethys Oil is engaged in the exploration, development and 
production of oil with operations and subsidiaries across Europe 
and the Middle East and as such the Group is subject to various 
risks and uncertainties. These risks and uncertainties stem 
from Tethys Oil’s strategic direction and is an inherent part of 
the Group’s ongoing operations, with each risk carefully weighed 
against its potential strategic reward. As a part of Tethys Oil’s 
risk management efforts, the Group conducts continuous risk 
assessments throughout its operational, administrative, 
financial and sustainability work to identify the most relevant 
risks to the achievement of its goals. The risks listed below are 
those considered the most material on a Group-wide level in the 
2024 risk assessment, based on their likelihood of realisation 
and potential impact if realised. Additional information regarding 
financial and sustainability risks can be found in note 1 and in 
the Sustainability Report on page 16 respectively.
Operational risks
Tethys Oil’s operational risks, if realised, directly affect the 
Group’s ability to produce oil in both the short and long terms. 
The majority of Tethys Oil’s current oil production takes place on 
Blocks 3&4, where Tethys Oil is not the operator and as such 
has less of a direct impact on the day-to-day operations. Tethys 
Oil’s primary role regarding Blocks 3&4 is to perform monthly 
reviews and follow-ups on strategic choices made by the partner 
group to minimise the realisation and impact of the risks. For its 
operated blocks, operational risk management has been 
growing and increased in focus as Tethys Oil expects to start the 
development of Block 56 in 2025 and exploration activities, 
including drilling, on Blocks 58 and 49 are ongoing.
Production and reserves decline
The primary financial value from Tethys Oil’s operations stems 
from the short-term production of oil and the long-term reserves 
to be used in future production. A decline in production has 
immediate financial effect as less oil is sold and if the reserve 
replacement ratio is below production, the longevity of 
operations is at risk. Oil is a finite resource, and decline can 
occur from normal maturation as well as through active 
decisions beyond the Group’s control taken by the partner 
group, governments or OPEC+. To mitigate these scenarios 
Tethys Oil aims at continued investments in a diversified 
portfolio of production, appraisal and exploration assets. 
Exploration risks are primarily related to the geological 
chances of success in encountering hydrocarbons. For the 
appraisal and development stages, uncertainties relating to the 
quality, quantity and productive capacity of a discovery as well 
as the costs and technical challenges associated with bringing 
it to commercial production are the main risks. The main risks of 
the production phase are the ability to maintain long-term 
profitable as well as safe and sustainable production. Tethys Oil 
has a strategic portfolio of blocks in all phases of the 
exploration to production cycle, and is continuously investigating 
additional expansion opportunities, which if successful will 
allow for increased reserves, resources and future production. 
All presented reserves and resources are subject to evaluation 
by certified external evaluators in addition to internal evaluation. 
Tethys Oil Annual Report 2024
63
Administration report

Short-term production disruptions – Blocks 3&4
Short-term production disruption risks on Blocks 3&4 may be 
realised either as the effect of strategic partner group decisions, 
other external factors or natural causes. The blocks produce oil 
from several different fields, reducing the impact of disruptions 
at individual sites. Should disruptions occur on the joint oil 
export infrastructure, the effect may be more severe. As such, 
continuous investments are made into ongoing production 
assurance and asset integrity initiatives to minimise the risks’ 
realisation.
Loss of geological data
Tethys Oil’s operations is highly dependent on the geological 
data the Group acquires, primarily through its seismic 
acquisition programmes. This data is needed for exploration, 
appraisal, development and production as well as for the 
possibility to enter farm-out agreements. As such, the secure 
safekeeping of the geological data is paramount and highly 
prioritised. Tethys Oil has a system in place which secures the 
data in both digital and physical format protected against 
external attacks or incidents.
Operational health and safety
HSE-risks are those risk stemmed from the Group’s operations 
related to the health and safety of people and the negative 
impact due to accidents. The key aspect to minimise risk 
realisation and impact is a culture of risk awareness. To foster 
such a culture, Tethys Oil has implemented a comprehensive 
HSE-policy framework to be adhered to by all its employees, 
partners, contractors or other external visitors. For its own 
operations, the Group is implementing an Operational 
Management System, based on the industry’s best practise 
system and covering all aspects of its field activities, as well as 
an Emergency Response Plan and a Crisis Management Plan. 
The policy framework includes risk assessments for each 
activity, repeated dry runs and simulated training exercises, 
third-party-audits and whistleblower systems as well as the 
continuous review of policies and practises to ensure that the 
processes are ever improving.
Dependence on key employees
Tethys Oil is active in an advanced and complex industry which 
is also facing various challenges from the transition to 
alternative energy sources and as such, the Group is highly 
dependent on key employees for its successful development. 
The Group aims to strike an optimal balance between its 
dependence of key employees and its methods for retaining 
these employees by providing desirable working environment 
and remuneration package while also focusing on the continued 
building of structural capital and a wider organisation.
Financial risks
Additional information on Tethys Oil’s financial risks is presented 
in note 1.
Significant oil price drop
Tethys Oil is highly dependent on the oil price levels for its 
revenues, its ability to generate cash flow for operations, growth 
and returns as well as the fair value of its assets. Over time, the 
oil price is subject to large fluctuations with a variety of 
underlaying factors, few of which Tethys Oil has any control over, 
such as the economic conditions of key markets in the global 
economy and the Group’s ability to access such markets. 
Should the oil price drop significantly, there is a risk that oil 
production may no longer be profitable.
Tethys Oil diligently monitors market development and has an 
adaptable expenditure strategy and a strong financial resilience 
that allows for flexibility and lower cash outflows. Tethys Oil has 
a flexible approach towards oil price hedging, based on an 
assessment of the benefits of the hedge contract in specific 
circumstances. Based on analysis of the circumstances Tethys 
Oil assess the benefits of forward hedging sales contracts for 
the purpose of establishing a secured cash flow.
Net result in financial statements (MUSD)
-45.3
-45.3
Shift in oil price (USD/barrel)
+5
-5
Total effect on net result (MUSD)
+7.5
-7.5
Liquidity and refinancing risks
This is the risk that the Group will not be able to meet its 
financial obligations or secure short- and long-term funding of its 
current and future operations. Tethys Oil is operating in several 
countries and is exposed to currency fluctuations. Income is, 
and will also most likely be going forward, denominated in the 
foreign currency, US dollars.
Furthermore, Tethys Oil has since inception been equity and 
debt financed through share and bond issues, bank loans and 
financed by asset divestment. Additional capital could be 
needed to finance Tethys Oil’s future operations and/or for 
acquisition of additional licences. The main risk is that this need 
could occur during less favourable market conditions. Tethys Oil 
continuously works to ensure that sufficient cash balances are 
maintained in order to cover day to day operations, both through 
the management of the Group’s cash flows as well as securing 
external debt when needed. Management relies on forecasting 
to assess Tethys Oil’s cash position based on expected future 
cash flows. As of 2024, Tethys Oil has entered into a long-term 
loan facility with Abu Dhabi Commercial Bank of MUSD 60, 
securing access to the funding of projects should generated 
cash flow prove insufficient. As is practise for such facilities, the 
facility is subject to certain covenants, including primarily the 
hedging of interest rates and oil sales. Failure to comply with the 
covenants could lead to the loss of collaterals and the 
compliance is subject to high-priority monitoring by the finance 
team. All other financial liabilities of the Group as of year-end 
2024 and 2023 were due within 12 months. For more 
information on the loan facility, please see note 17, Borrowing 
and deposit on page 86.
Tethys Oil Annual Report 2024
64
Administration report

External risks
The most material external risks Tethys Oil faces are those 
whose realisation the Group has little control over. The Group, 
alongside its partners, monitors environmental, market, political 
and regulatory developments diligently to allow for early 
warnings and to take the correlated strategic actions 
accordingly.
Third-party corruption
In its operations, Tethys Oil is highly dependent on third-party 
contractors and operators, which carries the risk of Tethys Oil 
being held responsible for the corrupt actions of third-parties. 
Such corruption can come in various forms, such as bribery, and 
could have a material effect on the Group’s operations, 
reputation or financial stability. Tethys Oil has a zero-tolerance of 
corruption and has implemented a stringent policy framework, 
including an anonymous Whistleblowing system, as well as legal 
oversight and know your customer process regarding major 
third-party transactions and agreements. As Tethys Oil has a 
good standing and knowledge of its core operational 
geographical areas, the Group works primarily with well-known 
contractors and operators with whom it has long-standing 
relations.
Trade restrictions on oil importing countries
The oil sold by Tethys Oil primarily has its end-customers in Asia 
and as such the Group’s revenues are highly dependent on that 
its oil can reach its markets. Should any oil importing sanctions, 
tariffs or similar trade restrictive actions be put in place on its 
primary markets by international or national regulators and 
impair Tethys Oil’s ability to sell its produced oil, the Group must 
be ready to alongside its partners shift is targeted market.
Political instability
Tethys Oil’s primary source of revenues is the Group’s oil sales 
generated through its interests in EPSAs in the Sultanate of 
Oman. These agreements have negotiated expiry dates with 
options for extension granted by the state and the operations 
often requires local permits. As such, the political stability is 
paramount and diligently monitored by the Group’s management 
when considering possible and current project. Tethys Oil’s 
principal approache to dealing with this risk, is asset 
diversification and emphasis on continuous close dialogue with 
host country authorities and interest groups, nationally and 
locally. One of the key strategic reasons that Tethys Oil is active 
in Oman is that the country has a long history of proven political 
stability even during tumultuous periods in neighbouring 
countries.
Climate change related operational risks
As an effect of increasing stakeholder awareness and concern 
regarding climate change, Tethys Oil faces increased material 
climate changes related risk to its operations. These risks 
include increased regulation, decreased demand for oil and gas 
as well as sector divestment from major financial investors. By 
reporting its environmental impact in a transparent way, using 
methods such as the GHG protocol and TCFD, and joining 
industry initiatives to reduce its emissions, the Group mitigates 
the risks. Currently, Tethys Oil primary GHG emission reduction 
initiatives is the implementation of the Gas-to-Power project on 
Blocks 3&4. The Group also uses a KPI of carbon intensity for 
the Executive Management and incorporates carbon pricing 
assumptions in internal valuation for all existing and potential 
future projects.
Natural disasters
Natural disasters include extreme weather such as heavy rain, 
flooding, lightning, dust storms and high temperatures 
disrupting the operations, harming people, causing damage to 
infrastructure, equipment and financial damage. The damages 
from severe weather conditions tend to take long time to restore 
once they have occurred. Therefore Tethys Oil focuses on early 
warning systems, forecasting and damage prevention. The 
Group, and its contractors and partners, have a well-tested 
emergency response and crisis management plan and keep 
close contact with governmental bodies and agencies to 
synchronise efforts when needed.
Tethys Oil Annual Report 2024
65
Administration report

Consolidated statement of comprehensive income
1 January – 31 December, MUSD
Note
2024
2023
Revenue and other income
3, 4
120.8
138.2
Operating expenses
5
-50.6
-56.4
Depletion, depreciation and amortisation
5, 14
-42.8
-42.0
Impairment
14
-25.3
-36.9
Gross profit *
2.2
2.9
Exploration costs
14
-31.8
-6.4
Administrative expenses 
6, 7, 8, 9
-15.8
-8.3
Share of net result from associates
0.1
0.2
Operating result
-45.3
-11.6
Financial income and similar items
10
20.1
15.2
Financial expenses and similar items
11
-20.0
-19.6
Net financial result
0.1
-4.4
Result before tax
-45.2
-16.0
Income tax
12
-0.1
-0.5
Net Result
-45.3
-16.5
Other comprehensive result
Items that may be subsequently reclassified to profit or loss:
Exchange differences
-9.6
5.9
Other comprehensive result
-9.6
5.9
Total comprehensive result 
-54.9
-10.6
Attributable to:
Shareholders in the parent company
-54.9
-10.6
Non-controlling interest
–
–
* Presentation of the Consolidated statement of comprehensive income has been adjusted during 2024 with depletion, depreciation and amortisation as well as 
impairment now included in the gross profit calculation. For more information, please see page 74.
Tethys Oil Annual Report 2024
66
Financial statements for the group

Consolidated balance sheet
31 December, MUSD
Note
2024
2023
ASSETS
Non-current assets
Oil and gas properties
14
226.2
244.8
Other fixed assets
1.2
0.4
227.4
245.2
Current assets
Trade and other receivables
15
20.2
19.9
Prepaid expenses
0.6
0.2
Deposit
4.4
–
Cash and cash equivalents
16.0
25.8
41.2
45.9
TOTAL ASSETS
268.6
291.1
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
16
Share capital
0.8
0.8
Additional paid in capital
78.0
78.0
Reserves
-9.4
0.3
Retained earnings
134.5
179.2
Total shareholders' equity
203.9
258.2
Non-current liabilities
Non-current borrowings
17
24.8
–
Non-current provisions
18
13.9
13.5
Other non-current liabilities
0.7
0.1
39.3
13.6
Current liabilities
Accounts payable and other current liabilities
17, 19
25.4
19.2
25.4
19.2
Total liabilities
64.7
32.9
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
268.6
291.1
Tethys Oil Annual Report 2024
67
Financial statements for the group

Consolidated statement of changes in equity 
Attributable to shareholders of the parent company
MUSD
Share capital
Paid in capital
Reserves
Retained earnings
Total equity
Opening balance 1 January 2023
0.8
76.3
-5.6
213.7
285.2
Net result 2023
–
–
–
-16.5
-16.5
Other comprehensive income 2023
–
–
5.9
–
5.9
Total comprehensive income
0.0
0.0
5.9
-16.5
-10.6
Transactions with owners
Share issue
0.0
1.7
–
–
1.7
Repurchase of shares
–
–
–
-2.3
-2.3
Dividend
–
–
–
-6.3
-6.3
Share redemption
–
–
–
-9.4
-9.4
Incentive programme
–
–
–
0.0
0.0
Total transactions with owners
0.0
1.7
0.0
-18.0
-16.4
Closing balance 31 December 2023
0.8
78.0
0.3
179.2
258.2
Opening balance 1 January 2024
0.8
78.0
0.3
179.2
258.2
Net result 2024
–
–
–
-45.3
-45.3
Other comprehensive income 2024
–
–
-9.6
0.8
-8.9
Total comprehensive income
0.0
0.0
-9.6
-44.5
-54.2
Transactions with owners
Incentive programme
–
–
–
-0.1
-0.1
Total transactions with owners
0.0
0.0
0.0
-0.1
-0.1
Closing balance 31 December 2024
0.8
78.0
-9.3
134.5
203.9
Tethys Oil Annual Report 2024
68
Financial statements for the group

Consolidated cash flow statement
1 January – 31 December, MUSD
Note
2024
2023
Cash flow from operations
Result before tax
-45.2
-16.0
Adjustments for non cash items:
  Depletion, depreciation
5
42.8
42.0
  Impairment
5
25.3
36.9
  Exploration costs
5
31.8
6.4
  Other non-cash items
-5.5
5.2
Interest received
0.6
1.1
Income tax paid
-1.0
-0.8
Total cash flow from operations before change in working capital
48.7
74.9
Change in receivables
-0.2
7.5
Change in liabilities
3.3
0.3
Cash flow from operations
51.8
82.7
Investment activity
Investment in oil and gas properties
14
-84.4
-81.7
Investment in other fixed assets
-0.3
-0.5
Deposit
-4.4
–
Dividend from associates
0.1
0.2
Cash flow from investment activity
-89.0
-82.0
Financing activity
Share issue
–
1.7
Repurchase of shares
–
-2.4
Dividend
–
-6.1
Share redemption
–
-9.0
Incentive programme
-0.3
-0.7
Borrowings
17
27.9
–
Cash flow from financing activity
27.6
-16.5
Period cash flow
-9.7
-15.7
Cash and cash equivalents at the beginning of the period
25.8
41.5
Exchange gains/losses on cash and cash equivalents
-0.1
0.0
Cash and cash equivalents at the end of the period
16.0
25.8
Tethys Oil Annual Report 2024
69
Financial statements for the group

Parent company income statement
1 January – 31 December, MSEK
Note
2024
2023
Other income
4
17.8
16.5
Administrative expenses
6, 7, 8, 9
-126.3
-64.4
Share of net result from associates
0.8
2.2
Operating result
-107.7
-45.7
Financial income and similar items
10
339.3
784.3
Financial expenses and similar items
11
-5.5
-145.7
Net financial result
333.7
638.6
Result before tax
226.1
592.9
Group contribution received
13
139.2
–
Income tax
12
–
–
Net result1
365.3
592.9
1	As there are no items in the parent company’s other comprehensive income, no separate report on total comprehensive income is presented.
Tethys Oil Annual Report 2024
70
Financial statements for the parent company

Parent company balance sheet
31 December, MSEK
Note
2024
2023
ASSETS
Non-current assets
Oil and gas properties
14
3.3
0.4
Shares in subsidiaries
13
1,209.5
939.8
1,212.7
940.3
Current assets
Short term receivables from subsidiaries
20
142.7
5.4
Other receivables
15
2.1
1.7
Prepaid expenses
0.8
1.2
Cash and cash equivalents
25.4
16.7
171.0
25.0
TOTAL ASSETS
1,383.7
965.2
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
16
Restricted equity:
Share capital
6.0
6.0
Statutory reserve
71.1
71.1
Unrestricted equity:
Share premium reserve
548.6
548.6
Retained earnings
319.0
-272.4
Net result
365.3
592.9
Total shareholders' equity
1,310.0
946.2
Current liabilities
Accounts payable and other current liabilities
19
73.8
8.1
Other current liabilities to group companies
20
–
11.0
Total liabilities
73.8
19.1
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
1,383.7
965.2
Tethys Oil Annual Report 2024
71
Financial statements for the parent company

Parent company statement of changes in equity
Restricted equity
Unrestricted equity
MSEK
Share
capital
Statutory 
reserve
Share 
premium
reserve
Retained
earnings
Net
result
Total equity
Opening balance 1 January 2023
6.0
71.1
530.3
-382.1
294.2
519.5
Transfer of prior year net result
–
–
–
294.2
-294.2
-
Net result 2023
–
- 
–
–
592.9
592.9
Total comprehensive income
0.0
0.0
0.0
0.0
592.9
592.9
Transactions with owners
Share issue
0.0
–
18.3
–
–
18.3
Repurchase of shares
–
–
–
-24.8
–
-24.8
Dividend
–
–
–
-64.5
–
-64.5
Share redemption
–
–
–
-95.9
–
-95.9
Incentive programme
–
–
–
0.7
–
0.7
Total transactions with owners
0.0
0.0
18.3
-184.5
0.0
-166.2
Closing balance 31 December 2023
6.0
71.1
548.6
-272.4
592.9
946.2
Opening balance 1 January 2024
6.0
71.1
548.6
-272.4
592.9
946.2
Transfer of prior year net result
–
–
–
592.9
-592.9
–
Net result 2024
–
– 
–
–
365.3
365.3
Total comprehensive income
0.0
0.0
0.0
0.0
365.3
365.3
Transactions with owners
Incentive programme
–
–
–
-1.5
–
-1.5
Total transactions with owners
0.0
0.0
0.0
-1.5
0.0
-1.5
Closing balance 31 December 2024
6.0
71.1
548.6
319.0
365.3
1,309.9
Tethys Oil Annual Report 2024
72
Financial statements for the parent company

Parent company cash flow statement
1 January – 31 December, MSEK
Note
2024
2023
Cash flow from operations
Profit before tax
365.3
592.9
Adjustments for:
  Dividend from Group company
12
-334.4
-540.0
  Net exchange differences
12, 13
1.1
-17.4
  Finance items − net
12, 13
-0.8
-39.2
  Other non-cash items
-1.3
-8.9
Interest received
0.5
1.1
Total cash flow from operations before change in working capital
30.3
-11.5
Change in receivables
-142.7
-4.2
Change in liabilities
58.9
1.1
Cash flow from operations
-53.6
-14.6
Investment activity
Dividend from associates
334.4
2.2
Investment to oil and gas properties
-2.8
–
Cash flow from investment activity
331.5
2.2
Financing activity
Share issue
–
18.3
Financing from long term receivables
–
156.8
Repurchased shares
16
–
-24.8
Dividend payment
–
-64.5
Share redemption
–
-95.9
Shareholder’s contribution to subsidiaries
-270.0
–
Incentive programme
-0.3
-6.9
Cash flow from financing activity
-270.3
-17.1
Period cash flow
7.6
-29.4
Cash and cash equivalents at the beginning of the period
16.7
47.6
Exchange gains/losses on cash and cash equivalents
1.1
-1.5
Cash and cash equivalents at the end of the period
25.4
16.7
Tethys Oil Annual Report 2024
73
Financial statements for the parent company

Notes
General information
Tethys Oil AB (publ) (“the Company”), corporate identity number 556615-8266, 
and its subsidiaries (together “the Group” or “Tethys Oil”) are focused on 
exploration for and production of oil and natural gas. The Group has interests 
in exploration and production licences in Oman. The Company is a limited 
liability company incorporated and domiciled in Stockholm, Sweden. 
The consolidated financial statements of Tethys Oil AB and its subsidiaries 
for the year that ended on 31 December 2024 have been approved by the Board 
of Directors on 8 April 2025.
Basis of preparation
The consolidated financial statements of the Tethys Oil AB Group have been 
prepared in accordance with prevailing International Financial Reporting Stand- 
ards (IFRS) and IFRS Interpretations Committee (IFRIC) interpretations adopted 
by the EU Commission as well as by the Swedish Annual Accounts Act 
(1995:1554). In addition, RFR 1 “Supplementary Rules for Groups” has been 
applied as issued by the Swedish Financial Reporting Board.
The Parent Company financial statements have been prepared in 
accordance with the Annual Accounts Act and Swedish Financial Accounting 
Standards Council’s RFR 2 “Accounting for legal entities”. By applying RFR 2, 
the Parent Company shall apply IFRS’ rules and statements as adopted by the 
EU in the annual report for the legal entity, so far as this is possible within the 
framework of the Annual Accounts Act and with regard to the connection 
between accounting and taxation. The recommendation states which 
exceptions and additions that shall be or are allowed to be made from IFRS. 
The accounting principles of the Parent Company are the same as for the 
Group, except in the cases specified below in the section titled “Parent 
Company accounting principles”.
The consolidated financial statements for the year ended 31 December 
2024 have been prepared on a going concern basis and in accordance with the 
framework described above. The accounting policies that follow have been 
consistently applied to all years presented, except where otherwise indicated.
The consolidated financial statements have been prepared on historical 
cost basis unless disclosed in the accounting policies below.
The preparation of financial statements in conformity with IFRS requires the 
use of certain critical accounting estimates. It also requires management to 
exercise its judgement in the process of applying the Group’s accounting 
policies. The areas involving a higher degree of judgement or complexity, or 
areas where assumptions and estimates are significant to the consolidated 
financial statements, are disclosed in note 2, Critical accounting estimates 
and judgements.
IASB issued several amended accounting standards that were endorsed by 
EU, effective date 1 January 2024. None of these had a material effect on the 
Group financial statements 2024.
Certain new accounting standards, amendments to accounting standards 
and interpretations have been published that are not mandatory for 31 Dec- 
ember 2024 reporting periods and have not been early adopted by the Group. 
These standards, amendments or interpretations are not expected to have a 
material impact on the entity in the current or future reporting periods or on 
foreseeable future transactions.
Presentation of the Consolidated statement of comprehensive income has 
been changed during 2024 with depletion, depreciation and amortisations as 
well as impairments now included in the gross profit calculation. Below is a 
reconciliation bridging the previous reported gross profit to the updated format.
Gross profit FY 2023 presented on 31 December 2023
81.7
Presentation change:
Deduct depletion, depreciation and amortization
-42.0
Deduct impairment
-36.9
Gross profit FY 2023 presented on 31 December 2024
2.9
Basis of consolidation
The consolidated group financial statements consolidate the financial 
statements of Tethys Oil AB and its subsidiaries up to and including 31 
December each year.
(i) Subsidiaries 
Subsidiaries are all legal entities over which the Group has control. The Group 
controls an entity when the Group is exposed to, or has rights to, variable 
returns from its involvement with the entity and has the ability to affect those 
returns through its power to direct the activities of the entity. Subsidiaries are 
fully consolidated from the date on which control is transferred to the Group. 
They are deconsolidated from the date that control ceases.
The financial statements of subsidiaries are prepared for the same reporting 
year as the Parent Company, using consistent accounting policies.
Subsidiaries are consolidated from the date of their acquisition, being the 
date on which the Group obtains control, including when control is obtained via 
potential voting rights, and continue to be consolidated until the date that 
control ceases. 
Intra-group balances and transactions, including unrealised profits arising 
from intra-group transactions, are eliminated. Unrealised losses are eliminated 
unless the transaction provides evidence of an impairment of the asset 
transferred.
(ii) Associates
Associates are entities over which the Group has significant influence but not 
control or joint control. This is generally the case where the Group holds between 
20 percent and 50 percent of the voting rights. Investments in associates are 
accounted for using the equity method of accounting after initially being recognised 
at cost. Share of net profit or loss from an associate is accounted for as increase/ 
decrease of the initial investment. Dividends received or receivable from 
associates are recognised as a reduction in the carrying amount of the 
investment.
(iii) Joint arrangements
Under IFRS 11 Joint Arrangements investments in joint arrangements are 
classified as either joint operations or joint ventures. The classification 
depends on the contractual rights and obligations of each investor, rather than 
the legal structure of the joint arrangement. Tethys Oil has joint operations.
Joint operations
Tethys Oil recognises its direct right to the assets, liabilities, revenues and 
expenses of joint operations and its share of any jointly held or incurred 
assets, liabilities, revenues and expenses. These have been incorporated in 
the financial statements under the appropriate headings.
The Group conducts oil and gas operations as a joint operation that does 
not have a separate legal entity status through licences which are held jointly 
with other companies. The Groups financial statements reflect the Group’s 
share of production, capital costs, operational costs, current assets and 
liabilities in the joint operations.
Joint ventures
Interests in joint ventures are accounted for using the equity method (see 
below), after initially being recognised at cost in the consolidated balance 
sheet. Tethys Oil group has no joint ventures.
Changes in ownership interests
The Group treats transactions with non-controlling interests that do not result 
in a loss of control as transactions with equity owners of the group. A change in 
ownership interest results in an adjustment between the carrying amounts of 
the controlling and non-controlling interests to reflect their relative interests in 
the subsidiary. Any difference between the amount of the adjustment to non- 
controlling interests and any consideration paid or received is recognised in a 
separate reserve within equity attributable to owners of Tethys Oil AB Group. 
When the Group ceases to consolidate or equity account for an investment 
because of a loss of control, joint control or significant influence, any retained 
interest in the entity is remeasured to its fair value, with the change in carrying 
amount recognised in profit or loss. This fair value becomes the initial carrying 
amount for the purposes of subsequently accounting for the retained interest 
as an associate, joint venture or financial asset. In addition, any amounts 
previously recognised in other comprehensive income in respect of that entity 
are accounted for as if the Group had directly disposed of the related assets or 
liabilities. This may mean that amounts previously recognised in other 
comprehensive income are reclassified to profit or loss.
Tethys Oil Annual Report 2024
74
Notes

If the ownership interest in a joint venture or an associate is reduced but 
joint control or significant influence is retained, only a proportionate share of 
the amounts previously recognised in other comprehensive income are 
reclassified to profit or loss where appropriate.
 Foreign currency translation
(i) Functional and presentation currency
The US dollar is the presentation currency of the Group. In management’s view 
this provides the most meaningful information about the company’s 
performance and results to the Group’s management and shareholders.
The functional currency of each of the Group’s consolidated entities is the 
currency of the primary economic environment in which the entity operates. 
The Group’s most significant subsidiaries’ functional currency is USD, as being 
most common for oil and gas industry.
Tethys Oil AB’s (the Parent Company) functional currency is Swedish Krona 
(‘SEK’) as the company is domicile in Sweden and run most of its business 
primarily in SEK. Accordingly, Tethys Oil AB’s (Parent Company) presentation 
currency is SEK.
(ii) Transactions and balances 
Parent Company
Monetary assets and liabilities denominated in foreign currencies are 
translated into the functional currency at the Central Bank of Sweden 
(Riksbanken Sverige) rates of exchange prevailing at the balance sheet date 
and foreign exchange currency differences are recognised as part of the 
financial net in the income statement.
Transactions in foreign currencies are translated into the functional currency 
at exchange rates prevailing at the transaction date. Exchange differences are 
included in financial income/expenses in the income statement.
Foreign exchange gains and losses that relate to borrowings are presented 
in the statement of profit or loss, within finance costs or income. All other 
foreign exchange gains and losses are presented in the statement of profit or 
loss on as net financial result basis within other gains/(losses).
Group companies
The results and financial position of foreign operations or entity that have a 
functional currency different from the presentation currency are translated into 
the presentation currency as follows:
•	assets and liabilities for each balance sheet presented are translated at the 
closing exchange rate at the date of that balance sheet
•	income and expenses for each statement of profit or loss and statement of 
comprehensive income are translated at the average exchange rate, except 
for transactions where it is more relevant to use the rate of the day of the 
transaction, and
•	the translation differences which arise are recorded directly in the foreign 
currency translation reserve within other comprehensive income. Upon 
disposal of a foreign operation, the translation differences relating to that 
operation will be transferred from equity to the income statement and 
included in the result on sale.
For the preparation of the financial statements for the reporting period, the 
following exchange rates have been used:
  31 December 2024
  31 December 2023
Currency
Average
Period end
Average
Period end
SEK/USD
10.56
11.00
10.61
10.04
Classification of assets and liabilities
Non-current assets, long-term liabilities and provisions consist for the most 
part of amounts that are expected to be recovered or paid more than twelve 
months after the balance sheet date. Current assets and current liabilities 
consist solely of amounts that are expected to be recovered or paid within 
twelve months after the balance sheet date.
Oil and gas properties
Oil and gas properties are initially recorded at historical cost, where it is 
probable that they will generate future economic benefits. 
Oil and gas properties are all costs for acquiring concessions, licences or 
interests in production sharing contracts and for the survey, drilling and 
development of such interests and are capitalised on a field area cost centre 
basis. This includes capitalisation of decommissioning and restoration costs 
associated with provisions for asset retirement (see “Provisions”). Oil and gas 
properties are subsequently carried at cost less accumulated depreciation, 
depletion, and amortisation (including any impairment).
Gains and losses on disposals of oil and gas properties are determined by 
comparing the proceeds with the carrying amounts of assets sold and are 
recognised in the income statement.
Routine maintenance and repair costs for producing assets are expensed to 
the income statement when they are incurred.
Oil and gas properties are categorised as either producing or non-producing, 
which are presented as tangible and intangible assets respectively in the 
financial accounts. Non-producing assets keep their status until commercial 
production on this block begins at which time they are reclassified as 
producing assets and tangibles accordingly. 
Depreciation, depletion and amortisation
No depreciation or amortisation is charged during the exploration and 
evaluation phase.
Producing oil and gas properties are depleted on a unit of production basis 
over the proved and probable reserves of the field concerned, except in the 
case of assets whose useful lives differ from the lifetime of the field, in which 
case the straight-line method is applied. In accordance with the unit of 
production method, net capitalised costs to reporting date, together with 
anticipated future capital costs for the development of the proved and probable 
reserves determined at the balance sheet date price levels, are depleted 
based on the year’s production in relation to estimated total proved and 
probable reserves of oil and gas. Depletion of a field area is charged to the 
income statement once commercial production commences, under category 
Depreciation, depletion and amortisation.
Commercial reserves
Proved reserves are those quantities of petroleum which, by analysis of 
geological and engineering data, can be estimated with reasonable certainty to 
be commercially recoverable, from a given date forward, from known reservoirs 
and under current economic conditions, operating methods and governmental 
regulations. Proved reserves can be categorised as developed or undeveloped. 
If deterministic methods are used, the term reasonable certainty is intended to 
express a high degree of confidence that the quantities will be recovered. If 
probabilistic methods are used, there should be at least a 90 percent 
probability that the quantities actually recovered will equal or exceed the 
estimates.
Probable reserves are those unproved reserves which analysis of geological 
and engineering data suggests are more likely than not to be recoverable. In 
this context, when probabilistic methods are used, there should be at least a 
50 percent probability that the quantities actually recovered will equal or 
exceed the sum of estimated proved plus probable reserves.
Exploration costs
The Group adopts the successful efforts method of accounting for exploration 
and evaluation costs. Exploration costs related to non-producing oil and gas 
properties are charged to the income statement when a decision is made not 
to proceed with an oil and gas project, or when the expected future economic 
benefits of an oil and gas project are less than the capitalised costs. No 
depletion is charged to non-producing oil and gas properties. Costs related to 
non-producing oil and gas properties and directly associated with an 
exploration well are capitalised until the determination of commercial reserves 
is evaluated. If it is determined that a commercial discovery has not been 
achieved, these exploration costs are charged to the income statement as 
exploration costs. Once the commercial reserves are established, and the 
commercial production commences, exploration assets are tested for 
impairment and transferred to producing assets.
Impairment of Oil and Gas Properties
Tethys Oil continuously assesses its producing oil and gas properties for any 
need for impairment. This is performed in conjunction with each balance sheet 
date or if there are trigger events or changes in circumstances that indicate 
that the carrying values of assets may not be recoverable. Such indicators 
include changes in the Group’s business plans, relinquished licences, changes 
in raw materials prices leading to lower revenues and, for oil and gas 
properties, downward revisions of estimated reserve quantities.
Testing for impairment losses is performed for each cash generating unit, 
which corresponds to a licence right, production sharing agreement or 
equivalent owned by Tethys Oil. A cash generating unit usually corresponds to 
each acquired asset in which Tethys Oil carries on oil and gas operations. 
Impairment testing means that the balance sheet item amount for each cash 
Tethys Oil Annual Report 2024
75
Notes

generating unit is compared to the recoverable amount for the assets, which is 
the higher of the fair value of the assets less sales expenses and the value in 
use. The value in use of the assets is based on the present value of future 
cash flows discounted by a discount rate; see also note 2, Critical accounting 
estimates and judgements under the section Impairment of oil and gas 
properties. An impairment loss is recorded when the book value of an asset or 
a cash generating unit exceeds the recoverable amount. Impairment losses 
are charged to the income statement.
Tangible assets other than oil and gas
Other tangible assets are stated at cost less accumulated depreciation. 
Depreciation is based on cost and is calculated on a straight-line basis over 
the estimated economic life of 3 to 5 years for office equipment and other 
assets.
Additional costs to existing assets are included in the assets’ net book 
value or recognised as a separate asset, as appropriate, only when it is 
probable that future economic benefits associated with the item will flow to the 
Group and the cost of the item can be measured reliably.
The net book value of any replaced parts is written off. Other additional 
expenses are deemed to be repair and maintenance costs and are charged to 
the income statement when they are incurred. The net book value is written 
down immediately to its recoverable amount when the net book value is higher. 
The recoverable amount is the higher of an asset’s fair value less cost to sell 
and value in use.
Gains and losses on disposals are determined by comparing proceeds with 
carrying amounts. These are included in profit or loss. When revalued assets 
are sold any amounts included in other reserves in respect of those assets 
transferred to retained earnings.
Cash and cash equivalents
For presentation in the statement of cash flows, cash and cash equivalents 
includes cash on hand, deposits held at call with financial institutions, other 
short-term, highly liquid investments with original maturities of three months or 
less that are readily convertible to known amounts of cash and which are 
subject to an insignificant risk of changes in value, and bank overdrafts. Bank 
overdrafts are shown within borrowings in current liabilities in the balance 
sheet.
Borrowing costs
Borrowing costs attributable to the acquisition, construction or production of 
qualifying assets are added to the cost of those assets. Qualifying assets are 
assets that take a substantial period of time to complete for their intended use 
or sale. Investment income earned on the temporary investment of specific 
borrowings pending to be used for the qualifying asset, is deducted from the 
borrowing costs eligible for capitalisation. This applies to the interest on 
borrowings to finance fields under development which is capitalised within oil 
and gas properties until production commences. All other borrowing costs are 
recognised in the income statement in the period in which they occur. Interest 
on borrowings to finance the acquisition of producing oil and gas properties is 
charged to the income statement as incurred.
Provisions
Site restoration provision
Site restoration work is the work anticipated at the end of the useful life of a 
production unit or when other installation may be required by law, by the terms 
of operating licences or by an entity’s stated policy and past practice.
Amounts used in recording a provision for site restoration are estimated 
based on current legal and constructive requirements and current technology 
and price levels for the removal of facilities and plugging and abandoning of 
wells. Due to changes in relation to these items, the future actual cash out- 
flows in relation to the site decommissioning and restoration can be different. 
To reflect the effects due to changes in legislation, requirements and 
technology and price levels, the carrying amounts of site restoration provisions 
are reviewed on annual basis. The effects of changes in estimates do not give 
rise to prior year adjustments and are treated prospectively over the estimated 
remaining commercial reserves of each field. While the Group uses its best 
estimates and judgement, actual results could differ from these estimates.
Financial Instruments
Financial assets and financial liabilities are recognised when a group entity 
becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. 
Transaction costs that are directly attributable to the acquisition or issue of 
financial assets and financial liabilities (other than financial assets and 
financial liabilities at fair value through profit or loss) are added to or deducted 
from the fair value of the financial assets or financial liabilities, as appropriate, 
on initial recognition. Transaction costs directly attributable to the acquisition 
of financial assets or financial liabilities at fair value through profit or loss are 
recognised immediately in profit or loss.
Financial assets
Financial assets are classified into financial assets measured at fair value 
through profit or loss or at amortised cost. The Group determines the 
classification at initial recognition.
Financial assets are classified as financial assets measured at amortised 
cost if both of the following conditions are met:
•	The asset is held within a business model whose objective is to hold assets 
in order to collect contractual cash flows;
•	The contractual terms of the financial asset give rise on specified dates to 
cash flows that are solely payments of principal and interest on the principal 
amount outstanding.
Otherwise, they are classified as financial assets measured at fair value.
After initial recognition, financial assets are measured based on the 
following classification:
•	Financial assets measured at amortised cost are measured at amortised 
cost using the effective interest method.
•	Financial assets other than those measured at amortised cost are 
measured at fair value through profit and loss.
The Group’s financial assets include cash and cash equivalents, trade and 
other receivables and loans issued and potential financial asset resulting from 
hedging.
Impairment and de-recognition of financial assets
The Group assesses expected credit losses on financial assets measured at 
amortised cost. The Group recognises a provision for such expected credit 
losses at each reporting date. The Group always recognises lifetime expected 
credit losses (“ECL”) for its trade and other receivables and updates this 
expectation at each reporting date to reflect changes in credit risk since initial 
recognition of the respective financial instrument. 
For all other financial instruments, the Group recognises lifetime ECL when 
there has been a significant increase in credit risk since initial recognition.
The Group de-recognises a financial asset when the contractual rights to the 
cash flows from the asset expire, or when it transfers the financial asset and 
substantially all the risks and rewards of ownership of the asset to another 
party. 
Financial liabilities
All financial liabilities are measured at fair value at initial recognition. However, 
financial liabilities measured at amortised cost are measured at cost after 
deducting transaction costs that are directly attributable to the financial 
liabilities. Financial liabilities are subsequently measured at amortised cost 
using the effective interest method, except for derivatives measured at fair 
value through profit or loss. The Group determines the classification at initial 
recognition.
After initial recognition, financial liabilities are measured based on the 
following classification:
•	Financial liabilities measured at amortised cost are measured at amortised 
cost using the effective interest method. Amortisation under the effective 
interest method and gains or losses on de-recognition are recognised as 
profit or loss in the consolidated statement of income.
•	Financial liabilities measured at fair value through profit or loss include 
financial liabilities held for trading and financial liabilities designated as 
measured at fair value through profit or loss at initial recognition. The net 
gain or loss recognised in the consolidated statement of profit or loss 
incorporates any interest paid on the financial liability and is included in the 
gain/(loss) on derivative financial instruments and investments, net.
The Group’s financial liabilities may include loans and borrowings and trade 
and other payables.
Financial liabilities are recognised initially at fair value plus in the case of 
loans and borrowings, directly attributable transaction costs. Any difference 
between the proceeds (net of transaction costs) and the redemption amount is 
recognised in profit or loss over the period of the borrowings using the effective 
interest method.
Tethys Oil Annual Report 2024
76
Notes

Loans and borrowing are classified as current liabilities unless the Group 
has an unconditional right to defer settlement of the liability for at least 12 
months after the reporting period.
Loans and borrowings and trade and other payables are subsequently 
measured at amortised cost using the effective interest rate method.
Trade and other payables represent liabilities for goods and services 
provided to the Group prior to the end of the financial year which are unpaid.
Accounts and other payables are presented as current liabilities unless 
payment is not due within 12 months after the reporting period.
The Group de-recognises financial liabilities when, and only when, the 
Group’s obligations are discharged, cancelled or have expired. The difference 
between the carrying amount of the financial liability de-recognised and the 
consideration paid, including any non-cash assets transferred or liabilities 
assumed, and payable is recognised in profit and loss as other income or 
finance costs.
Leases
Tethys Oil recognises right of use assets and lease liabilities arising from all 
leases in the balance sheet, with some exceptions. This model reflects that, at 
the start of a lease, the lessee always obtains the right to use an asset for a 
period of time and has an obligation to pay for that right.
Assets and liabilities arising from a lease are initially measured on a pre- 
sent value basis. Lease liabilities include the net present value of the following 
lease payments:
•	fixed payments (including in-substance fixed payments), less any lease 
incentives receivable
•	variable lease payments that are based on an index or a rate, initially 
measured using the index or rate as at the commencement date
•	amounts expected to be payable by the group under residual value 
guarantees
Lease payments are allocated between principal and finance cost. The finance 
cost is charged to profit or loss over the lease period to produce a constant 
periodic rate of interest on the remaining balance of the liability for each 
period.
Right-of-use assets are measured at cost comprising the following:
•	the amount of the initial measurement of lease liability
•	any lease payments made at or before the commencement date less any 
lease incentives received
•	any initial direct costs, and
•	restoration costs.
Under IFRS 16 Tethys Oil applies the exceptions for short-term leases and 
leases for which the underlying asset is of low value e.g. office leases and IT 
servers/programmes and other leases of shorter duration or lesser value. 
IFRS 16 Leases does not apply to joint operations unless operated by Tethys 
Oil. In the case of joint operations operated by Tethys Oil, the group recognises 
its interest share of the value of the underlying assets and corresponding 
liabilities of the leases in its consolidated group accounts.
At present Tethys Oil does not have any leases under IFRS 16 from joint 
operations in its group accounts.
Equity
Share capital consists of the registered share capital for the Parent Company. 
Share issue costs associated with the issuance of new equity are treated as a 
direct reduction of proceeds. Excess contribution in relation to the issuance of 
shares is accounted for in the item additional paid-in-capital.
If any Group company purchase Parent Company shares (repurchase of own 
shares) the proceeds including any directly attributable transaction costs (net 
after tax) will reduce equity attributable to the shareholders of the Parent 
Company until the shares are annulled or realised.
If the shares are realised, proceeds net after directly attributable issue 
costs and tax effects are shown in equity attributable to the shareholders of 
the Parent Company.
The currency translation reserve contains unrealised translation differences 
due to the conversion of the functional currencies into the presentation 
currency.
Retained earnings contain the accumulated results attributable to the 
shareholders of the Parent Company.
Dividends
Provision is made for the amount of any dividend declared, being appropriately 
authorised and no longer at the discretion of the entity, on or before the end of 
the reporting period but not distributed at the end of the reporting period.
Revenue and Other income
Revenue from sale of crude oil
Revenue from sale of crude oil is recognised at the fair value of the 
consideration received or receivable when the significant risks and rewards of 
ownership have been transferred, which is when title passes from Tethys Oil to 
the customer.
The title transfer is the moment when crude oil is loaded onto a tanker on 
behalf of the customer. Revenue is only recognised to the extent that it is 
highly probable that a significant reversal will not occur.
QBA (Quality Bank Adjustment) is an additional income received by Tethys 
Oil from the state oil company, PDO. In substance, this is premium paid for the 
quality of the extracted oil being above the average quality of the oil in Omani. 
QBA is recognised as part of Revenue from sales of crude oil.
Underlift and overlift adjustment
Lifting arrangements for oil and gas produced in the Company’s jointly owned 
operations are such that each participant may not receive and sell its precise 
share of the overall production in each period. The resulting imbalance 
between cumulative entitlement and cumulative production is underlift or 
overlift.
Underlift and overlift are valued at market value and included within Trade 
and other receivables and Accounts payables and other current liabilities 
respectively. Movements during an accounting period are adjusted through 
cost of sales such that gross profit is recognized on an entitlement basis.
Underlift or overlift positions are taken into account for future oil sales 
nominations, aiming at balancing the position. Underlift and overlifts are 
adjusting Revenue income over the periods and recorded on a separate line.
Other Income
Incidental revenues from the test production of oil and gas are recognised as 
Other Income until quantities of proven and probable reserves are determined 
or commercial production has commenced.
Income from the sale or farm-out of oil and gas concessions in the 
exploration stage and the related production costs are reported in the Income 
Statement net of capital expenditure.
Profit oil and cost recovery in Joint Operation
Tethys Oil’s producing oil and gas property in Oman (Blocks 3&4) is governed 
by an Exploration and Production Sharing Contract (EPSA). Under the EPSA, 
revenues are derived from cost recovery oil and profit oil. Cost recovery oil 
allows Tethys Oil to recover a majority of investments and operating expenses 
(CAPEX and OPEX) incurred. Profit oil is split between the host government and 
joint operations parties in accordance with a fixed percentage. The joint 
operations partners split the cost recovery oil and profit oil in accordance with 
their respective equity interests. Joint operations definition and accounting 
policy are described in this note above.
Employee benefits
Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits, annual 
leave and accumulating sick leave that are expected to be settled wholly within 
12 months after the end of the period in which the employees render the 
related service are recognised in respect of employees’ services up to the end 
of the reporting period and are measured at the amounts expected to be paid 
when the liabilities are settled. The liabilities are presented as current 
employee benefit obligations in the balance sheet.
Post-employment obligations /Pension obligations
The group operates various post-employment schemes mostly defined 
contribution pension plans. For defined contribution plans, the Group pays 
contributions to publicly or privately administered pension insurance plans on 
a mandatory, contractual or voluntary basis. The group has no further payment 
obligations once the contributions have been paid. The contributions are 
recognised as employee benefit expense when they are due. Prepaid 
contributions are recognised as an asset to the extent that a cash refund or a 
reduction in the future payments is available.
Share-based payments
Share-based compensation benefits are provided to employees. Equity settled 
share-based payments are recognised in the income statement as 
administrative expenses and as equity in the balance sheet. The share-based 
option is recognised at fair value at the date of grant using the Black & Scholes 
options pricing model and is charged to the income statement.
Tethys Oil Annual Report 2024
77
Notes

Termination benefits
Termination benefits are payable when employment is terminated by the group 
before the normal retirement date, or when an employee accepts voluntary 
redundancy in exchange for these benefits. The group recognises termination 
benefits at the earlier of the following dates: (a) when the group can no longer 
withdraw the offer of those benefits; and (b) when the entity recognises costs 
for a restructuring that is within the scope of IAS 37 and involves the payment 
of terminations benefits. In the case of an offer made to encourage voluntary 
redundancy, the termination benefits are measured based on the number of 
employees expected to accept the offer. Benefits falling due more than 12 
months after the end of the reporting period are discounted to present value.
Income taxes
Presented income taxes include tax payable or tax receivable for the reporting 
period, adjustments in regard to previous year’s taxes and changes in deferred 
tax. Valuations of all tax liabilities/claims are in nominal amounts and are 
prepared in accordance with tax legislation and tax rates decided or announced 
and at which they are likely to be resolved. The tax expense for the period com- 
prises current and deferred tax. Tax is recognised in the income statement, 
except to the extent that it relates to items recognised in other comprehensive 
income or directly in equity. In such case, the tax is also recognised in other 
comprehensive income or directly in equity, respectively. Deferred income tax is 
recognised, using the liability method, on temporary differences arising 
between the tax bases of assets and liabilities and their carrying amounts in 
the consolidated financial statements. Deferred income tax assets are 
recognised only to the extent that it is probable that future taxable profit will be 
available against which the temporary differences can be utilised.
Related party transactions
Related parties include shareholders and other related parties (e.g. jointly 
controlled entities, associated companies) representing entities that have 
significant influence on the Group, and members of key management 
personnel or other parties that are partly, directly or indirectly, controlled by key 
management personnel or of its family or of any individual that controls, or has 
joint control or significant influence over Tethys Oil.
Information about the remuneration of the Board of Directors and senior 
executives, is disclosed in Note 7 Employees.
For disclosures of the Parent Company’s transactions with related parties, 
refer to Note 20 Related-party transactions.
Cash Flow Statement
The statement of cash flows is prepared in accordance with the indirect 
method. The reported cash flow only covers transactions that have resulted in 
payments or disbursements.
Rounding of amounts
All amounts disclosed in the financial statements and notes have been 
rounded off to the nearest thousand currency units unless otherwise stated.
Parent Company accounting principles
The Parent Company has prepared its annual report in compliance with the 
Swedish Annual Accounts Act and the recommendation RFR 2, Accounting for 
Legal Entities of the Swedish Financial Reporting Board. The Annual Report 
was prepared on a historical cost basis.
The preparation of financial statements in conformity with RFR 2 requires 
the use of certain critical accounting estimates. It also requires management 
to exercise its judgement in the process of applying the Parent Company’s 
accounting policies.
The accounting principles of the Parent Company deviate from the 
accounting principles of the group in respect of the following:
Leasing
The Parent Company has chosen not to apply IFRS 16 Leases but has instead 
chosen to apply RFR 2 and IFRS 16 Leases p. 2–12. This policy choice means 
that no right of-use assets or lease liabilities are recognised in the balance 
sheet. Instead, leasing fees are expensed on a straight-line basis over the 
lease period. The Parent Company only has office leases and IT-servers/-
programmes and other leases concerning items of lesser value.
Financial instruments
Assets and liabilities are recognised initially at fair value plus transaction costs 
and subsequently measured at amortised cost unless stated otherwise. 
Financial assets are derecognised when the rights to receive cash flows from 
the investments have expired or have been transferred and the Group has 
transferred substantially all risks and rewards of ownership.
All financial assets and liabilities are current and the fair value of these 
seems to be the carrying amount as the discounting effects are not significant.
Subsidiaries:
The Parent Company’s investments in subsidiaries and associates are 
recognised using the cost method. The values of subsidiaries are tested for 
impairment when there is an indication of a decline in the value.
Shareholders contributions and group contributions
The Parent Company uses the alternative method in accounting for group 
contributions and records paid as well as received contributions as 
appropriations in the income statement. Shareholder contributions paid by the 
Parent Company are recognised as an increase in the holding’s carrying 
amount.
Income Taxes
A tax liability is recognised when a future payment, in application of a tax 
regulation, is considered probable and can be reasonably estimated. The 
exercise of judgment is required to assess the impact of new events on the 
amount of the liability. Deferred tax assets are recognised for unused tax 
losses to the extent that it is probable that future taxable profits will be 
available against which the losses can be utilised. Estimation and judgement 
are required to determine the value of the deferred tax asset, based upon the 
timing and level of future taxable profits.
The areas involving a higher degree of judgement or complexity, or areas 
where assumptions and estimates are significant to the consolidated financial 
statements are disclosed in Note 2.
Tethys Oil Annual Report 2024
78
Notes

In preparing consolidated financial statements in conformity with IFRS, 
estimates and assumptions are used by Tethys Oil management in determining 
the reported amounts of assets and liabilities, revenues and expenses 
recognised during the periods presented and disclosures of contingent assets 
and liabilities known to exist as of the date of the financial statements. These 
estimates and assumptions must be made because certain information that is 
used in the preparation of such financial statements is dependent on future 
events, cannot be calculated with a high degree of precision from data 
available, or are not capable of being readily calculated based on generally 
accepted methodologies. In some cases, these estimates are particularly 
difficult to determine, and the Company must exercise significant operations 
judgment. Actual results for all estimates could differ materially from the 
estimates and assumptions used by the Company, which could have a material 
adverse effect on the Group’s business, financial condition, results of, cash 
flows and future prospects. More detailed information about significant 
estimates is presented below.
Estimates and judgements are continuously evaluated and are based on 
historical experience and other factors, including expectations of future events 
which are believed to be reasonable under the circumstances. The Group 
makes estimates and assumptions concerning the future. The estimates and 
assumptions that have a significant risk of causing a material adjustment to 
the carrying amounts of assets within the next financial year are discussed 
below.
Estimates in oil and gas reserves and resources
The business of the Group is the exploration for, development of and 
production of oil and gas reserves. Estimates of oil and gas reserves and 
resources are used in the calculations for impairment tests, in-house 
modelling and accounting for depletion and site restoration. Changes in 
estimates in oil and gas reserves and resources, resulting in different future 
production profiles, will affect the discounted cash flows used in impairment 
testing, the anticipated date of site decommissioning and restoration and the 
depletion charges in accordance with the unit of production method. Estimates 
in oil and gas reserves and resources may change following for instance new 
wells, long term production data and changes in macroeconomic data.
Impairment of oil and gas properties
Tethys Oil continuously assesses its producing oil and gas properties for any 
need for impairment testing. This is performed in conjunction with each 
balance sheet date or if there are events or changes in circumstances that 
indicate that carrying values of assets may not be recoverable. Such indicators 
include changes in the Group’s business plans, relinquished licences, changes 
Note 1, Financial risk management

The Group’s activities expose it to a variety of financial risks such as foreign 
currency exchange rate risk, liquidity risk, credit risk and risk of management 
estimates and assumptions. The Group’s risks are continuously monitored and 
analysed by the Board of Directors and management with the aim to minimise 
potential adverse effects on the Group’s financial performance and position. 
For further information please see the risk section in the Administration Report 
on page 63.
Foreign currency risk
The Group is exposed to fluctuations in the foreign exchange markets as 
fluctuations in exchange rates as expenses in foreign subsidiaries, oil and gas 
expenditures, or financial instruments may fluctuate due to changes in rates, 
which can negatively affect the result, cash flow and equity. 
Tethys Oil is operating in several countries and is exposed to currency 
fluctuations. Income is and will also most likely be denominated in foreign 
currencies, US dollars.
The major proportion of the Group’s assets relate to international oil and 
gas discoveries valued in USD and which generate revenues in USD. During the 
reporting period all of Tethys Oil’s oil sales and operative expenditures were 
denominated in USD with a share of general and administrative expenses 
being denominated in SEK. The exchange risk affects the Group by transaction 
risk and translation risk.
Transaction risk
Transaction exposure arises in the cash flow when invoicing or the costs of 
invoiced goods and services are not in the local currency. The Group only has 
limited costs in currencies other than USD, primarily relating to the SEK costs 
in the Parent Company. Presented below is the exposure to currencies with 
reference to items in the financial statements:
2024
2023
Revenues
100% in USD
100% in USD
Investments in Oil & Gas
99.9% in USD
99.9% in USD
External financing at year end
Yes
No
Tethys Oil does not use derivative contracts to hedge exchange rates. The 
Group policy is that cash held in bank should be in USD, except for a brief 
period when sufficient amounts of SEK required in the Parent Company to pay 
dividend and share redemption. Furthermore, there are relatively minor 
amounts in SEK held in the Parent Company to cover running costs.
Translation risk
Exchange rate changes affect the Group’s operating profit in conjunction with 
the translation of the income statements of subsidiaries into USD. When net 
assets are translated into USD the translation can negatively affect the 
Group’s statement of financial position. The parent company has issued 
loans to its subsidiaries denominated in USD and exchange rate changes 
impact the income statement of the parent company. The Group does not 
hedge its translation exposure and fluctuating currency rates might 
negatively affect the operating profit and financial position of the Group.
Liquidity risk and Refinancing risk
Liquidity risk is the risk that the Company will not be able to meet its financial 
obligations as they fall due.
Furthermore, Tethys Oil has since inception been equity and debt financed 
through share and bond issues, bank loans and financed by asset divestment. 
Additional capital could be needed to finance Tethys Oil’s future operations 
and/or for acquisition of additional licences. The main risk is that this need 
could occur during less favourable market conditions. Tethys Oil continuously 
works to ensure that sufficient cash balances are maintained in order to cover 
day to day operations, both through the management of the Group’s cash flows 
as well as securing external debt when needed. Management relies on 
forecasting to assess Tethys Oil’s cash position based on expected future cash 
flows. All the Group’s financial liabilities, apart from the one detailed in note 17 
on page 86 and on page 64, were due within 12 months at the end of 2024 
and 2023.
Credit risk
Tethys Oil’s policy is to limit credit risk by limiting the counterparties to major 
banks and oil trading companies. Tethys Oil is selling all of its oil through 
Mitsui Energy Trading Singapore which is part of Mitsui & Co. Ltd., with 30 days 
payment from bill of lading. As at end of each period the account receivable 
basically represents the amounts due within the next month. This is the 
maximum exposure on accounts receivable. There is no history of default, and 
the Group does not anticipate future credit losses. Cash and cash equivalents 
are maintained with banks having strong long-term credit ratings. Maximal 
exposure regarding other financial assets is those presented in the balance 
sheet. The Board of Directors responsibility is to overview the Group’s capital 
structure and financial management, approve certain business regarding 
acquisition, investments, possible lending as well as on-going monitoring 
exposure to financial risks.
Note 2, Critical accounting estimates and judgements
Tethys Oil Annual Report 2024
79
Notes

Note 3, Revenue and other income
Group MUSD
2024
2023
Revenue
117.3
143.0
Underlift (+) / overlift (-), adjustment
3.6
-5.6
Other income 
–
0.8
Revenue and other income
120.8
138.2
in oil prices leading to lower revenues and, for oil and gas properties, down- 
ward revisions of estimated reserve quantities.
Testing for impairment losses is performed when necessary for each cash 
generating unit, which corresponds to licence right, production sharing 
agreement or equivalent owned by Tethys Oil. A cash generating unit thus 
usually corresponds to each acquired asset in each country in which Tethys Oil 
carries on oil and gas operations. Impairment testing means that the balance 
sheet item amount for each cash generating unit is compared to the 
recoverable amount for the assets, which is the higher of the fair value of the 
assets less sales expenses and the value in use. The value in use of the 
assets is based on the present value of future cash flows discounted by a 
discount rate.
An impairment loss is recorded when an asset’s or a cash generating unit’s 
recorded value exceeds the recoverable amount. Impairment losses are 
charged to the income statement. Recent results are disclosed in note 14, Oil 
and gas properties under the section Impairment testing.
Oil and natural gas price assumptions
Assumptions and forecasts of oil prices are used in the recurring evaluations 
of impairment tests. The prices used are a combination of actual prices, 
forward prices for the next six months, as well as the long-term forecasts 
provided by Tethys Oil’s reserves evaluator ERCE.
Discount rate assumptions
The discount rates used for impairment testing and provisions continuously 
updated during the year in light of changing economic and geopolitical outlooks. 
Further details are disclosed in note 18, Site restoration provision.
Site restoration provision
Amounts used in recording a provision for site restoration are estimates based 
on current legal and constructive requirements and current technology and 
price levels for the removal of facilities and plugging and abandoning of wells. 
Due to changes in relation to these items, the future actual cash outflows in 
relation to the site decommissioning and restoration can be different. To reflect 
the effects due to changes in legislation, requirements and technology and 
price levels, the carrying amounts of site restoration provisions are reviewed 
on a regular basis. The effects of changes in estimates do not give rise to prior 
year adjustments and are treated prospectively over the estimated remaining 
commercial reserves of each field. While the Group uses its best estimates 
and judgement, actual results could differ from these estimates.
Income taxes
Tethys Oil has not recorded a deferred tax in relation to the tax losses carried. 
Management does not consider the measurement of deferred tax assets to be 
a significant accounting estimate.
Tethys Oil sells all oil to Mitsui Energy Trading Singapore, which is part of Mitsui 
& Co Ltd. Revenue from crude oil sales come from Block 3&4 Oman and are 
made on a monthly basis. Tethys Oil´s average selling price is based on the 
monthly average price of the two-month future contract of Oman blend as 
traded on the Gulf Mercantile Exchange, including trading and quality 
adjustments. For 2023, oil sale from EWT (extended well test) related to Block 
56 is included in Other income. 
Note 4, Other Income
Parts of the administrative expenses in Tethys Oil, such as overhead costs in 
the parent company, have been charged out to oil and gas projects within the 
group. Other income in the parent company during 2024 amounted to MSEK 
17.8 (MSEK 16.5). In case of Tethys Oil being the operator in joint operations, 
these administrative expenditures are, through the above, also funded by the 
partner if such partners exist.  All  internal charge outs are eliminated in the 
consolidated financial statements.  Tethys Oil is as at 31 December 2024 
operator in Blocks 49, 56 and 58 in Oman and holds 100 percent of the 
licenses interest in Block 49, 58 and 65 percent in Block 56.
Note 6, Administrative expenses
Group MUSD
Parent MSEK
Note
2024
2023
2024
2023
Personnel costs and benefits
-5.0
-4.2
-29.7
-30.1
Utilities and office supply
-0.1
-0.6
-3.2
-4.0
Legal and consulting
-8.3
-1.3
-76.3
-11.3
Audit
9
-0.3
-0.4
-3.1
-3.2
Marketing expenses
-0.2
-0.4
-2.0
-3.8
Travel expenses
-0.4
-0.4
-3.2
-5.4
Listing costs
-0.1
-0.2
-1.0
-1.1
Other costs
-1.3
-0.9
-7.9
-5.6
Total
-15.8
-8.3
-126.3
-64.5
Note 5, Operating expenditure
MUSD
2024
2023
Production costs
-35.2
-37.4
Well Workovers
-4.4
-6.3
Operator G&A and overhead expenses
-11.0
-11.5
EWT operating expenditure
-0.1
-1.3
Total
-50.6
-56.4
Tethys Oil Annual Report 2024
80
Notes

Note 7, Employees
Average number of full time employees per country
2024
2023
Total
Total men
Total
Total men
Parent company
Sweden
11
8
9
5
Total parent company
11
8
9
5
Subsidiary companies in Sweden
–
–
–
–
Subsidiary companies foreign
Oman
21
15
21
15
United Arab Emirates
1
–
1
–
Total subsidiary companies foreign
22
15
22
15
Total group
33
23
31
20
2024
2023
MUSD
Salaries, other remuneration and social costs
Salaries, 
other remuneration
Social costs
Pension costs
Salaries, 
other remuneration
Social costs
Pension costs
Parent company
Sweden
-2.0
-0.6
-0.2
-2.2
-0.5
-0.2
Total parent company
-2.0
-0.6
-0.2
-2.2
-0.5
-0.2
Subsidiary companies in Sweden
–
–
–
–
–
–
Subsidiary companies foreign
Oman
-4.8
–
-0.2
-3.7
–
-0.1
United Arab Emirates
-0.2
–
–
-0.2
–
–
Total subsidiary companies foreign
-5.0
–
-0.2
-3.8
–
-0.1
Total group
-7.0
-0.6
-0.5
-6.0
-0.5
-0.2
MUSD
Salaries and other remuneration distributed 
between The Board and other employees
2024
2023
Board and 
managing director
Other employees
Board and 
managing director
Other employees
Parent company
Sweden
-0.6
-1.4
-0.7
-1.6
Total parent company
-0.6
-1.4
-0.7
-1.6
Subsidiary companies in Sweden
–
–
–
–
Subsidiary companies foreign
Oman
–
-4.8
–
-3.7
United Arab Emirates
–
-0.2
–
-0.2
Total subsidiary companies foreign
–
-5.0
–
-3.9
Total group
-0.6
-6.3
-0.7
-5.5
During 2024 no women have been members of the Board of Directors, 
compared to one in 2023. One woman has been a member of the executive 
management, compared to one in 2023. At the AGM of shareholders on 15 
May 2024, Klas Brand, Robert Anderson, Magnus Nordin and Per Seime were 
re-elected members of the board. Staffan Knafve was elected as a new 
member of the board. No deputy directors were appointed. At the same 
meeting, Per Seime was re-appointed to chairman of the board. A new Board 
was elected at the Extraordinary General Meeting on January 24, 2025. For 
more information, see below. There have not been any agreements on 
pensions for any of the directors of the board. For the executive management, 
the pension costs follow a defined contribution plan.
Salaries and other remuneration to executive 
management during 2024, MSEK
Basic salary
Pension 
arrangements
Variable salary
Share based long 
term incentive1
Other benefits
Total 2024
Managing director
5.264
–
1.215
–
0.039
6.517
Other executive management
5.962
1.109
1.606
–
0.089
8.765
Total
11.226
1.109
2.821
0.000
0.127
15.283
Salaries and other remuneration to executive 
management during 2023, MSEK
Basic salary
Pension 
arrangements
Variable salary
Share based long 
term incentive1
Other benefits
Total 2023
Managing director
5.156
–
0.786
1.658
0.035
7.635
Other executive management
7.030
0.992
1.154
3.346
0.068
12.590
Total
12.186
0.992
1.940
5.004
0.103
20.225
1	The Managing director received no warrants (70,000) and Other executive management received no warrants (180,000) as there was no incentive programme in 2024 (250,000).
Tethys Oil Annual Report 2024
81
Notes

Total remuneration to executive management decreased in 2024 compared to 
2023 and is mainly due to no warrant incentive programme being implemented 
during the year. During 2024, the variable salary for the managing director 
increased while the incentive programme decreased. Remuneration to the 
other members of the executive management decreased as a result of one 
member leaving the executive management group in 2024 and a new member 
not serving serving a full year.
According to the employment contract, the Managing Director has a mutual 
notice period of twelve months. If the employment is terminated by the 
Company, the Managing Director is entitled to severance pay corresponding to 
twelve months’ salary, less from the date at new employment begins at 
another company.
At the EGM of shareholders on 25 January 2025 a new Board of Directors 
was elected. The new board consists of David Teng, Shuxing Dong, Toby Meng 
and Magnus Nordin. David Teng was appointed as chairman of the board.
Note 8, Incentive programmes
Warrants based programme
Tethys Oil has an incentive programmes as part of the remuneration package 
to employees.
The allocation is not guaranteed and the Board of Directors of the 
Company shall resolve on and implement the allocation. The warrants have 
no vesting period or other restrictions and have been transferred free of 
charge to the participants and the Group accounts for any income tax for the 
participants to the extent such tax is attributable to the programme. The 
market value of the warrants has been calculated in accordance with the 
Black & Scholes formula by an independent valuation institution. The 
subscription price is based on the volume-weighted average of the purchase 
price for the Company’s share on Nasdaq Stockholm during approximately a 
two-week period prior to the date of allocation.
Warrants have been issued annually since 2015, following a decision by the 
respective AGM. Since 2021 warrants are only issued to the Executive 
Management. No warrants were issued or exercised during the period. In 
October 2024 the exercise period for the 2021 incentive programme expired 
without any warrants having been exercised.
In October 2024 , in connection with the public Offer ROC has announced 
that the Offer does not include the warrants that have been issued by Tethys to 
participants in Tethys’ warrants incentive programs. The Offeror has entered 
into agreements with all participants in such incentive programs to acquire the 
warrants for a price which entails a fair treatment in connection with the Offer. 
Accordingly, the Offeror has acquired all of Tethys’s outstanding warrants, 
comprising all 160,000 warrants of series 2022/2025 and all 250,000 
warrants of series 2023/2026.
Warrant incentive 
programme
Exercise period
Subscription 
price, SEK
Shares 
per warrant
Number of warrants
1 Jan 
2024
Issued 
2024
Exercised 
2024
Expired 
2024
31 Dec 
2024
2021 incentive programme
12 Jun–4 Oct 2024
66.10
1.15
200,000
–
–
200,000
–
2022 incentive programme
18 Aug–6 Oct 2025
92.80
1.07
160,000
–
–
–
160,000
2023 incentive programme
3 Jun–28 Sep 2026
59.40
1.01
250,000
–
–
–
250,000
Total
610,000
–
–
200,000
410,000
Warrant incentive 
programme
Exercise period
Subscription 
price, SEK
Shares 
per warrant
Number of warrants
1 Jan 
2023
Issued 
2023
Exercised 
2023
Expired 
2023
31 Dec 
2023
2020 incentive programme
13 Jun–6 Oct 2023
45.40
1.19
350,000
–
338,000
12,000
–
2021 incentive programme
12 Jun–4 Oct 2024
66.10
1.15
200,000
–
–
–
200,000
2022 incentive programme
18 Aug–6 Oct 2025
92.80
1.07
160,000
–
–
–
160,000
2023 incentive programme
3 Jun–28 Sep 2026
59.40
1.01
–
250,000
–
–
250,000
Total
710,000
250,000
338,000
12,000
610,000
Group MUSD
Parent MSEK
Warrant incentive programme
2024
2023
2024
2023
Incentive programme cost
–
0.6
–
6.0
Total
0.0
0.6
0.0
6.0
Long-term incentive program (LTIP)
In 2022 the Board of Directors of Tethys Oil AB approved the launch of a new 
Long-Term Incentive Programme (LTIP). The Programme is established to form a 
part of the incentive and retention programme directed to the employees of the 
Group, except for Executive Management. The aim is to align the objectives of 
the Company´s shareholders and the employees for increasing the value of the 
Company in the long-term, to retain the employees at the Company and to offer 
them a competitive incentive programme that gives them an opportunity to 
receive Shares acquired with the reward. The programme is denominated in SEK.
During 2024 Tethys Oil had two identical share based Long-Term Incentive 
Programmes for all employees excluding the Executive management, which 
were approved by the board. LTIP 2022–2024 (“LTIP 2022”) was launched in 
October 2022 and LTIP 2023–2025 (“LTIP 2023”) was launched in April 2023. 
Each Programme comprises one three-year Vesting Period. The payment of 
each instalment is conditional on continued employment, and continued 
ownership of the Reward Shares purchased within the programme. For LTIP 
2022 a total amount of MSEK 6.0 was granted to the participants of the 
programme to be earned during the vesting period out of which MSEK 2.3 were 
settled in 2024. The maximum limit for LTIP 2023 is MSEK 5.3. In June 2024, 
the Board of Directors decided to terminate LTIP 2023 programme in advance 
by cancelling the final instalment due in 2025 without compensation. The net 
effect of the cancellation amounted at MSEK 0.6. In September 2024, the 
Board of Directors decided to terminate both LTIP programmes in advance with 
compensation to employees in amount of MSEK 2.4 equivalent of the 
outstanding instalments settled in December 2024.
Tethys Oil Annual Report 2024
82
Notes

Note 12, Tax
The Group’s income tax charge amounts to MUSD 0.1 (0.5) and is related to 
Tethys Oil’s income in Gibraltar. Tethys Oil has not recorded a deferred tax 
asset in relation to the tax losses carried forward since there is uncertainty as 
to if the tax losses may be utilised. 
The tax losses are in another jurisdiction than where main profits are 
generated. Tax losses carried forward amounted to MSEK 111.7 (272.7). 
There are no time limits for the utilization of tax losses.
Parent MSEK
2024
2023
Result before tax
365.3
592.9
Tax at applicable tax rate 20.6% (2023: 20.6%)
-75.2
-122.1
Non-deductible expenses
-14.3
-0.3
Non-taxable income
69.0
120.9
Utilised (+) / Built up (-) tax loss carry forwards 
previously not recorded as deferred tax assets
20.5
1.6
Tax expense
0.0
0.0
Tethys Oil’s oil and gas operations in Oman are governed by separate 
Exploration and Production Sharing Agreements (“EPSA”) for each contract 
area. Under the terms of each EPSA, Tethys Oil is subject to Omani income 
taxes, which are paid in full, on behalf of Tethys Oil from the government share 
of oil. The effect of these taxes is netted against revenue and other income in 
the income statement. Currently Blocks 3&4 and Block 56 are the Omani 
EPSAs in a tax paying position.
As the final amount of income tax is determined after the end of the 
calendar year, Tethys Oil’s preliminary assessment of the amount of Omani 
income tax paid on behalf of Tethys Oil in 2024 is MUSD 33.5 (37.6) of which 
MUSD 33.5 (36.7) is related to Blocks 3&4 and MUSD - (0.9) to Block 56. 
Local income generated in Tethys Oil’s Gibraltar subsidiaries are subject to 
Gibraltar taxes. Tethys Oil recorded MUSD 0.1 (0.5) in tax in Gibraltar in the 
period.
Note 9, Remuneration to company auditor
Group MUSD
Parent MSEK
2024
2023
2024
2023
PwC:
Audit fee
-0.1
-0.3
-1.2
-3.0
Audit-related fees
–
-0.0
-0.0
-0.1
Deloitte:
Audit fee
-0.2
–
-1.9
–
Audit-related fees
–
–
–
–
Audit fees to other 
audit company
-0.0
-0.1
–
-0.0
Total
-0.3
-0.4
-3.1
-3.2
The 2024 AGM has appointed Deloitte as auditor for the group, replacing PwC. 
Accordingly PwC fees during 2024 include statutory audit fees for finalisation 
of 2023 audit and Deloitte fees include the FY2024 audit fee.
Note 10, Financial income and similar items
Group MUSD
Parent MSEK
2024
2023
2024
2023
Interest income
0.6
1.1
0.5
79.7
Currency exchange gains
19.6
13.7
4.4
120.1
Dividend from group companies
–
–
334.4
584.5
Other financial income
–
0.5
–
–
Total
20.1
15.2
339.2
784.3
Note 11, Financial expenses and ­similar items
Group MUSD
Parent MSEK
2024
2023
2024
2023
Interest expenses
-0.5
–
–
-42.7
Currency exchange loss
-10.7
-18.6
-5.5
-102.8
Provision for expected credit 
loss
-5.0
–
–
–
Other financial expenses
-3.8
-1.0
–
-0.3
Total
-20.0
-19.6
-5.5
-145.7
Tethys Oil Annual Report 2024
83
Notes

Note 13, Shares in subsidiaries
Company
Reg. number
Reg. office
Number of shares 
(thousands)
Percentage
Nominal value 
per share
Book Value
MSEK
Tethys Oil France AB
556658-1491
Sweden
1.0
100%
SEK 100
1,209.2
Tethys Oil Invest AB *
556658-1442
Sweden
1.0
100%
SEK 100
1,210.2
Tethys Oil Exploration AB *
556658-1483
Sweden
1.0
100%
SEK 100
0.1
Tethys Oil Middle East North Africa B.V.
27306813
Netherlands
18.0
100%
EUR 1
0.2
Tethys Oil Oman Ltd
95212
Gibraltar
0.1
100%
GBP 1
0.0
Tethys Oil Block 3&4 Ltd
101981
Gibraltar
1.0
100%
USD 1
0.0
Tethys Oil Montasar Ltd
115710
Gibraltar
1.0
100%
USD 1
0.0
Tethys Oil Oman Onshore Ltd
118203
Gibraltar
1.0
100%
USD 1
0.0
Tethys Oil Qatbeet Ltd
119982
Gibraltar
1.0
100%
USD 1
0.0
* Wholly owned by Tethys France AB
1,209.4
Shares in subsidiaries, MSEK
Parent 2024
Parent 2023
1 January
939.9
1.0
Shareholders contribution
269.5
–
Revaluation 
–
938.9
31 December
1,209.4
939.9
In 2023, the Group decided to optimise the treasury function to ensure 
efficiency of its intercompany financing. 
Tethys Oil restructured its holding of certain group companies and 
transferred the holding of intercompany loans from the parent company to the 
indirectly wholly owned subsidiary Tethys Oil Invest AB that is acting as an 
internal treasury company.
This resulted in the revalution of Tethys Oil AB’s direct shareholding in TO 
France by MSEK 938,9 and indirect shareholding in TO Invest accordingly.
During 2024 Tethys Oil AB made additional investment in Tethys Oil  France 
AB via shareholders contributions of 269,5 MSEK.
Note 14, Oil and gas properties
The agreements that govern the relationship with host countries are referred to 
as licenses or Exploration and Production Sharing Agreements (EPSA or PSA). 
Tethys Oil holds its interest directly through aforementioned agreements in 
Oman. The agreements with host countries have a time limit and are normally 
divided into periods. Financial commitments and or work commitments 
normally relate to the different periods. Tethys Oil has fulfilled its commitments 
on Blocks 3&4. In Block 58 the initial work commitments during the first period 
include geological studies, seismic acquisition and processing and exploratory 
drilling. In Block 49 work for the second period commitments incldue seismic 
acquisition, exploratory drilling and completing the hydraulic frack in 
Thameen-1. The Parent company oil and gas properties are part of the new 
venture category.
Country
Licence 
Phase
Expiration date
Tethys Oil, %
Partners (operator in bold)
Oman
Blocks 3&4
Production
July 2040
30%
CCED, Mitsui, Tethys Oil
Oman
Block 491
Exploration
December 2026
100%
Tethys Oil
Oman
Block 562
Production
November 2044
65%
Tethys Oil, Medco Arabia Ltd, Intaj LLC,
 and Biyaq Oil Field Services
Oman
Block 583
Exploration
July 2025
100%
Tethys Oil
1 Tethys Oil has entered into a 3 year extended exploration period on  Block 49 starting in  
December 2023. In case of a commercial oil or gas discovery, the EPSA will be trans- 
formed in to a 15 year production licence with the option of a further five year extension. In 
case of a commercial discovery Oman Government Company, has a right to acquire up to 
a 30% interest in Block 49 against refunding of past expenditure.
2 Declaration of Commerciality has been issued for Block 56 in December 2024 and the 
EPSA is transformed in to a 20 year production licence with the option of a further five year 
extension. Oman Government Company has a right to acquire up to a 25% interest in 
Block 56 against refunding of past expenditure. 
3 Tethys Oil has the right to enter into a second three year exploration period. In case of a 
commercial oil or gas discovery, the EPSA will be transformed in to a 15 year production 
licence with the option of a further five year extension. In case of a commercial discovery 
Oman Government Company, has a right to acquire up to a 30% interest in Block 58 
against refunding of past expenditure. The initial work commitments during the first period 
include geological studies, seismic acquisition and processing and exploratory drilling.
Tethys Oil Annual Report 2024
84
Notes

MUSD
31 December 2024
31 December 2023
Producing properties (tangible oil & gas assets)
176.6
190.0
Non-producing properties (intangible oil & gas assets)
49.5
54.8
Total oil and gas properties
226.2
244.8
MUSD
Licence
Phase
Tethys 
Oil’s 
share
31 December 
2024
Investments
DD&A
Impairment
Exploration 
costs
Site restoration 
and other 
adjustments
1 January 
2024
Blocks 3&4
Production
30%
176.6
59.9
-42.4
-25.3
-5.2
-0.5
190.0
Block 49
Exploration
100%
1.8
0.5
–
–
–
0.2
1.1
Block 56
Production
65%
39.7
10.5
–
–
-13.8
-0.4
43.4
Block 58
Exploration
100%
7.9
10.0
–
–
-12.8
0.5
10.2
New ventures
0.3
0.3
–
–
–
–
0.0
Total
226.2
81.1
-42.4
-25.3
-31.8
-0.1
244.8
MUSD
Licence
Phase
Tethys 
Oil’s 
share
31 December 
2023
Investments
DD&A
Impairment
Exploration 
costs
Site restoration 
and other 
adjustments
1 January 
2023
Blocks 3&4
Production
30%
190.0
75.2
-41.5
-36.9
-6.3
1.0
198.5
Block 49
Exploration
100%
1.1
0.5
–
–
–
–
0.6
Block 56
Production
65%
43.4
3.7
–
–
–
0.8
38.9
Block 58
Exploration
100%
10.2
2.2
–
–
–
–
8.0
New ventures
0.0
0.0
–
–
-0.1
–
0.1
Total
244.8
81.7
-41.5
-36.9
-6.4
1.8
246.1
MUSD 
Producing cost pools
Blocks 3&4
Total
Cost 1 Jan 2024
628.5
628.5
Investments
59.9
59.9
Impairment
-25.3
-25.3
Exploration cost
-5.2
-5.2
Change in estimates
-0.5
-0.5
Cost 31 Dec 2024
657.5
657.5
Accumulated depreciation 1 Jan 2024
-438.5
-438.5
Depletion charge for the year
-42.4
-42.4
Accumulated depreciation 31 Dec 2024
-480.9
-480.9
Net book value 31 Dec 2024
176.6
176.6
MUSD 
Producing cost pools
Blocks 3&4
Total
Cost 1 Jan 2023
595.5
595.5
Investments
75.2
75.2
Impairment
-36.9
-36.9
Exploration cost
-6.3
-6.3
Change in estimates
1.0
1.0
Cost 31 Dec 2023
628.5
628.5
Accumulated depreciation 1 Jan 2023
-397.0
-397.0
Depletion charge for the year
-41.5
-41.5
Accumulated depreciation 31 Dec 2023
-438.5
-438.5
Net book value 31 Dec 2023
190.0
190.0
Impairment testing
In response to the 2024 exploration and development investments on Blocks 
3&4 not yielding the expected production output and reserve additions, Tethys 
Oil conducted an impairment test of the Group’s interest in Blocks 3&4 based 
on the reserves and resources evaluation effective as of 31 December 2024. 
As a result of the test, an impairment charge of MUSD 25.3 was recognised in 
2024. The discount rate is 11.8 percent based on the actual debt to capital 
ratio per 31 December 2024 of 13.6 percent. Had the debt to capital ratio 
been 50 or 0 percent, the discount rate would have been 10.2 percent and 
12.4 percent, respectively. For a summary of Blocks 3&4’s reserves and 
resources report 2024, see page 59. 
Valuation sensitivity to discount rate
Discount rate 
10.2%
11.8%
12.4%
Blocks 3&4 valuation, MUSD
194.5
176.6
170.8
75
77
79
81
83
85
2030
2029
2028
2027
2026
2025
ERCE January 2024
ERCE January 2025
Exploration cost
Exploration cost in 2024 amounted to MUSD 31.8 related to exploration and 
appraisal wells on Blocks 3&4, Block 56 and Block 58.
ERCE Brent oil price expectations
Tethys Oil Annual Report 2024
85
Notes

Note 15, Trade and other receivables
Group MUSD
Parent MSEK
2024
2023
2024
2023
Trade receivables oil sales
9.2
9.8
–
–
Underlift position
4.1
0.5
–
–
Non-trade receivables*
0.4
5.0
–
–
Joint operation receivables
3.2
0.1
–
–
Other receivables
3.3
4.5
2.1
1.7
Total
20.2
19.9
2.1
1.7
*As of 31 December 2024, the balance is stated net of the provision for 
expected credit loss, as presented in note 11.
Note 16, Shareholders’ equity
As at 31 December 2024, the number of issued shares in Tethys Oil amounted 
to 33,458,828 (33,458,828), with a nominal value of SEK 0.18 (SEK 0.18). 
All shares represent one vote each. No shares were issued during the period. 
The Company was delisted from Nasdaq Stockholm as a consequence of 
the acquisition of the Company’s shares by ROC. The last day of trading was 10 
January 2025. Please see the administration report for further details.
Note 17, Borrowing and deposits
In August 2024, Tethys Oil, through the subsidiary Tethys Oil Block 3&4 Ltd, 
and Abu Dhabi Commercial Bank PJSC (ADCB) have signed an agreement for a 
5-year MUSD 60 amortising term loan facility. The purpose of the facility is to 
support capital expenditure for Blocks 3&4 in Oman, with the shares of Tethys 
Oil Block 3&4 Ltd acting as the collateral for the loan.
The loan comprises a credit facility of up to MUSD 60 with a 12-month 
availability period and a fixed amortisation schedule commencing nine months 
upon entering the agreement. The primary use of funds is capital expenditure 
on Blocks 3&4 in Oman. The loans drawn under the facility are under current 
conditions expected to carry a single-digit interest, payable quarterly. The loan 
is subject to customary covenants for this type of facility.
During 2024 Tethys Oil has borrowed MUSD 27.9, whereof MUSD 24.8 is 
presented in the financial statement as long-term and MUSD 3.1 short-term. 
Interest of MUSD 0.3 has been accrued at end of the period. 
In accordance with the agreement Tethys Oil has a deposit account in ADCB 
which secures Tethys Oil’s ability to repay loan principal and interest due within 
the next 12 months.  As at end of the period the Deposit account amounted to 
MUSD 4.4. 
Group MUSD
2024
2023
Short- term borrowing
3.1
–
Long-term borrowing
24.8
–
Total
27.9
–
Note 18, Site restoration provision
Tethys Oil estimates that its share of site restoration costs for Blocks 3&4 at 
year end 2024 amounts to MUSD 13.0 (MUSD 12.5). Because of the revised 
value of the site restoration provision, the value of Oil and Gas properties for 
Block 3&4 have been reduced by the corresponding amount. The change in 
provision follows an annual review of the site restoration calculation which 
estimates the cost of plugging all of the wells and removing surface facilities. 
The value is inflated using an annual inflation factor of 2.0 percent (2.0) and 
the long-term provisions are discounted using a risk-free interest rate of 4.9 
percent (4.2 percent) and a credit spread of 4.0 percent (4.0) for Block 3&4. 
The provisions at year end 2024 for Block 49, 56 and 58 respectively are 
MUSD 0.3 (0.2), MUSD 0.2 (0.8) and MUSD 0.4 (0.0)
MUSD
31 December 
2024
31 December 
2023
Provisions as of beginning of period
13.5
10.8
Accretion expense
1.1
0.9
Impact of changes to discount rate
-3.8
-2.1
Change in estimates and provisions relating 
to new drilling and installations
3.0
3.9
Total provision for abandonment liabilities
13.9
13.5
Breakdown of the provision to 
short-term and long-term liabilities
Long-term
13.9
13.5
Short-term 
–
–
Total provision for abandonment liabilities
13.9
13.5
Tethys Oil Annual Report 2024
86
Notes

Note 19, Accounts payable and other current liabilities
Group MUSD
Parent MSEK
31 December 
2024
31 December 
2023
31 December 
2024
31 December 
2023
Accounts payable
0.3
0.2
2.9
2.3
Joint operations payable
11.0
17.2
–
–-
Short term borrowing 
3.1
–
–
–
Interest on borrowings payable
0.3
–
–
–
Accrued liabilities
9.7
–
68.4
3.7
Tax liability
–
0.3
–
–
Other current liabilities
0.9
1.5
2.6
2.1
Total
25.3
19.2
73.8
8.1
Note 20, Related party transactions
In the Tethys Oil Group, Tethys Oil AB (publ) with organizational number 
556615-8266 is the parent company. Material subsidiaries include Tethys Oil 
Block 3&4 Limited, Tethys Oil Montasar Limited, Tethys Oil Qatbeet Limited and 
Tethys Oil Oman Onshore Limited.
During the year, the Company entered into the following significant 
transactions with related parties.
Transactions with group companies, 
MSEK
2024
2023
Interest income
–
78.5
Other income
17.8
16.5
Dividend income
334.4
584.5
Interest expense
–
-42.7
Total
352.2
636.8
Balance with related parties, 
MSEK
2024
2023
Short-term receivable from group 
companies
142.7
5.4
Total
142.7
5.4
Balance with related parties,
MSEK
2024
2023
Other current liabilities to group 
companies
–
11.0
Total
–
11.0
The receivables or payables from related parties arise from the net of 
purchased services and upstreamed or downstreamed funds between parent 
and subsidiaries. The interest rates are in the range of SOFR +4–6% per 
annum for long term receivables or payables and are unsecured in nature. 
Short term payables or receivables are unsecured in nature and bear no 
interest.
During 2024 Tethys Oil received dividend of  MSEK 0.8 (2.2) from the 
associated company Odin Energy A/S
Information on the Board of Directors and senior executives, as well as 
remuneration for these, is disclosed in Note 7 Employees
Note 21, Pledged assets
During 2024 Tethys Oil has  entered into an agreement for a 5-year MUSD 60 
amortising term loan facility with ADCB. In accordance with the agreement the 
shares for Tethys Oil Block 3&4 Ltd acts as the collateral for the loan.
The parent company had no pledged assets as per 31 December 2024.
Note 22, Contingent liabilities
As part of the October 2020 farmin transaction with Medco contingent 
consideration of MUSD 8.0 was realised as Block 56 declared commerciality in 
late 2024.   
There are no further contingent liabilities as of the end of the reporting 
period.
Note 23, Subsequent events
Tethys Oil was delisted from Nasdaq Stockholm with the last day of trading  on 
10 January, 2025.
  At the Extraordinary General Meeting on January 24, 2025, Lei David Teng 
was elected as Chairman of the Board, and Shuxing Dong and Tao Toby Meng 
were elected as Board members. Magnus Nordin was re-elected as a Board 
member. Per Seime, Klas Brand, Rob Anderson, and Staffan Knafve 
simultaneously resigned from their Board positions. 
  No other significant events have occurred after the end of the reporting 
period other than as described in the report.
Tethys Oil Annual Report 2024
87
Notes

Group
2024
2023
2022
2021
2020
Operational items
Production before government take, Oman Blocks 3&4, bbl
2,887,309
3,218,625
3,628,074
4,064,803
4,148,818
Production per day, Oman Blocks 3&4, bbl
7,889
8,818
9,940
11,136
11,336
Oil sales, bbl
1,452,692
1,735,025
1,585,534
1,808,857
2,317,875
Achieved oil price, USD/bbl
80.7
82.4
94.2
62.8
47.7
Cash flow from operations, MUSD
51.8
82.7
87.0
64.9
52.1
Average number of full-time employees
33
31
29
26
22
Income statement and balance sheet
Revenue and other income, MUSD
120.9
138.2
156.5
112.7
101.1
EBITDA, MUSD
54.4
73.5
99.1
61.4
50.3
EBITDA-margin
45%
53%
63%
54%
50%
Operating result, MUSD
-45.3
-11.6
54.2
16.1
5.8
Operating margin
-37%
-8%
35%
14%
6%
Net result, MUSD
-45.3
-16.5
58.3
16.7
3.3
Net margin
-37%
-12%
37%
15%
3%
Cash and cash equivalents, MUSD
16.0
25.8
41.5
68.6
55.4
Shareholders' equity, MUSD
203.9
258.2
285.2
256.6
257.7
Balance sheet total, MUSD
268.6
291.1
316.0
284.5
280.3
Capital structure 
Equity ratio
76%
89%
90%
90%
92%
Leverage ratio
4%
neg.
neg.
neg.
neg.
Investments in oil and gas properties, MUSD
81.1
81.7
89.1
35.2
45.4
Net cash, MUSD
-7.5
25.7
41
67.8
55.1
Profitability
Return on shareholders' equity
-22.22%
-6.09%
21.53%
6.46%
1.23%
Return on capital employed1
-17.59%
-4.10%
19.14%
5.92%
2.12%
MUSD 
2024
2023
2022
2021
2020
Operating result
-45.3
-11.6
54.2
16.1
5.8
Add: Depreciation. depletion and amortisation
42.8
42.0
40.5
41.2
44.5
Add: Impairment
25.3
36.9
–
–
–
Add: Exploration costs
31.8
6.4
4.5
4.1
–
Less: Share of net result from associate
-0.1
-0.2
-0.1
–
–
EBITDA
54.4
73.5
99.1
61.4
50.3
Cash and cash equivalents
16.0
25.8
41.5
68.6
55.4
Less: Interest bearing debt
-28.7
-0.1
-0.5
-0.8
-0.3
Net cash
-12.7
25.7
41.0
67.8
55.1
Key financial data
Key financial data and definitions 
Tethys Oil Annual Report 2024
88

Alternative performance measures: 
glossary and definitions
The Company applies the European 
Securities and Markets Authority’s 
(ESMA) guidelines on alternative 
performance measures. The alternative 
key financial performance indicators are 
defined as financial measures of historical 
or future earnings trends, financial 
position, financial performance, or cash 
flows that are not defined or specified in 
the applicable regulations for financial
reporting, IFRS, and the Annual Accounts 
Act. These measures should not be 
regarded as a substitute for measures 
defined in accordance with IFRS. 
If an alternative performance measure 
cannot be identified directly from the 
financial statements, a reconciliation is 
required.
EBITDA
Earnings before interest, taxes, depreciation, and amortisation.
EBITDA-margin
EBITDA as a percentage of revenue and other income.
Equity ratio
Shareholders’ equity as a percentage of total assets.
Return on shareholder’s equity, 
rolling 12 months 
Return on shareholder’s equity is calculated by dividing the net result for the past 12 months by the average of the ingoing 
and outgoing shareholder’s equity for the same period. 
Return on capital employed, 
rolling 12 months
Return on capital employed is calculated dividing the operating result for the past 12 months by the average capital 
employed (equity plus non-current liabilities) for the same period.
Net entitlement
Volumes and share of oil production from Joint operation, which the company is entitled to sell expressed in barrels. 
­Calculated monthly based on EPSA. Consist of 2 components: Cost oil and Profit Oil.
Net entitlement share
The oil production from Joint operation, which the company is entitled to sell expressed as a percentage of the company’s 
total share of the oil produced. Calculated as Cost oil plus Profit Oil divided by Production.
Cost Oil
The Cost Oil is the value of recoverable costs incurred in the period and any outstanding balance of unrecovered historical 
cost from previous periods (“the Cost Pool”) The total amount of Cost Oil for a given period is capped to a fixed share of 
total production, after conversion to barrels using the Official Selling Price (“OSP").
Profit Oil
Profit Oil remains after the deduction of Cost Oil. The majority of the Profit Oil is the government’s take according to a fixed 
percentage.
Cost pool
Any outstanding balance of unrecovered historical cost from previous periods.
Production before government take
Net share of total production.
Underlift/Overlift
Calculation of net from Net Entitlement barrels and lifted barrels. Lifting more barrels than entitlement barrels results in 
an overlift and the opposite is an underlift.
Netback
Gross profit per barrel of oil. Average OSP reduced by royalties/government take and operating and transport expenses 
per barrel.
Achieved Oil Price
Achieved Oil Price is calculated as revenue from oil sales within the period divided by sold barrels of oil.
Average OSP
The Average OSP is calculated as the production weighted average of the monthly Official Selling Price (OSP) for Omani 
Export Blend in the quarter and does not take into consideration the timing of monthly liftings or any trading and quality 
adjustments (as is the case with the Achieved oil price).
Oman OSP
Oman’s Official Selling Price (OSP) is calculated using the monthly average price of the front month futures contract 
of Oman blend (with 2 months to delivery) as traded on the Dubai Mercantile Exchange.
Net cash
Cash and equivalents less interest-bearing debt.
Number of employees
Average number of fulltime employees during the period.
SEK
Swedish krona.
MSEK
Millions of Swedish kronor.
USD
US dollar.
MUSD
Millions of US dollars.
Bbl
One barrel of oil = 159 litres, 0.159 cubic meters.
Bopd
Oil production is often given in numbers of Barrels of Oil per Day.
Mbo
Thousand Barrels.
Mmbo
Million Barrels.
EPSA
Exploration and Production Sharing Agreement.
Prospective resources (2U)
Like reserves and contingent resources, prospective resources volume estimates are defined probabilistically. 
1U is the low estimate, 2U is the best estimate and 3U the high.   
Debt-to-capital ratio
The debt-to-capital ratio is calculated by dividing debt over capital employed.
Return on capital employed:
Net result plus net financial result as a percentage of average capital employed 
(total assets less non interestes-bearing liabilities).
Key financial data and definitions 
Tethys Oil Annual Report 2024
89

Assurance
Auditor’s endorsement
The Board of Directors and the managing director declare that 
the consolidated financial statements have been prepared in 
accordance with IFRS as adopted by the EU and give a true and 
fair view of the Group’s financial position and results of 
operations. The financial statements of the parent company 
have been prepared in accordance with generally accepted 
accounting principles in Sweden and give a true and fair view of 
the parent company’s financial position and results of 
operations. The statutory Administration Report of the Group 
and the parent company provides a fair review of the 
development of the Group’s and the parent company’s 
operations, financial position and results of operations and 
describes material risks and uncertain­ties facing the parent 
company and the companies included in the Group.
Stockholm, 8 April 2025
Magnus Nordin
Managing Director
Lei David Teng
Chairman of the board
Shuxing Dong 
Director
Tao Toby Meng 
Director
Our audit report was submitted on 8 April 2025.
Deloitte AB
Andreas Frountzos
Authorized Public Accountant
Tethys Oil Annual Report 2024
90
Assurance

Auditor’s report
To the general meeting of the shareholders of Tethys Oil AB (publ), corporate identity number 556615-8266
Report on the annual accounts 
and consolidated accounts
Opinions
We have audited the annual accounts and consolidated accounts 
of Tethys Oil AB for the financial year 2024-01-01 – 2024-12-31. 
The annual accounts and consolidated accounts of the company 
are included on pages 57–90 in this document.
In our opinion, the annual accounts have been prepared in 
accordance with the Annual Accounts Act and present fairly, in 
all material respects, the financial position of the parent 
company as of 31 December 2024 and its financial 
performance and cash flow for the year then ended in 
accordance with the Annual Accounts Act. The consolidated 
accounts have been prepared in accordance with the Annual 
Accounts Act and present fairly, in all material respects, the 
financial position of the group as of 31 December 2024 and 
their financial performance and cash flow for the year then 
ended in accordance with IFRS Accounting Standards, as 
adopted by the EU, and the Annual Accounts Act. The statutory 
administration report is consistent with the other parts of the 
annual accounts and consolidated accounts.
We therefore recommend that the general meeting of 
shareholders adopts the income statement and balance sheet 
for the parent company and the group.
Basis for Opinions
We conducted our audit in accordance with International 
Standards on Auditing (ISA) and generally accepted auditing 
standards in Sweden. Our responsibilities under those 
standards are further described in the Auditor’s Responsibilities 
section. We are independent of the parent company and the 
group in accordance with professional ethics for accountants in 
Sweden and have otherwise fulfilled our ethical responsibilities 
in accordance with these requirements.
We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinions. 
Other information
The audit of the annual accounts and consolidated accounts for 
the previous financial year has been performed by another 
auditor who has submitted an auditor’s report dated on 27 
March 2024 with unmodified statements in the Annual Report.
Other information than the annual accounts and consolidated 
accounts
This document also contains other information than the annaul 
accounts and consolidated accounts and is found on pages 
1–56. The Board of Directors and the Managing Director are 
responsible for this other information. 
Our opinion on the annual accounts and consolidated 
accounts does not cover this other information and we do not 
express any form of assurance conclusion regarding this other 
information.
In connection with our audit of the annual accounts and 
consolidated accounts, our responsibility is to read the 
information identified above and consider whether the 
information is materially inconsistent with the annual accounts 
and consolidated accounts. In this procedure we also take into 
account our knowledge otherwise obtained in the audit and 
assess whether the information otherwise appears to be 
materially misstated.
If we, based on the work performed concerning this 
information, conclude that there is a material misstatement of 
this other information, we are required to report that fact. We 
have nothing to report in this regard.
Responsibilities of the Board of Directors and the Managing 
Director
The Board of Directors and the Managing Director are 
responsible for the preparation of the annual accounts and 
consolidated accounts and that they give a fair presentation in 
accordance with the Annual Accounts Act and, concerning the 
consolidated accounts, in accordance with IFRS Accounting 
Standards as adopted by the EU. The Board of Directors and the 
Managing Director are also responsible for such internal control 
as they determine is necessary to enable the preparation of 
annual accounts and consolidated accounts that are free from 
material misstatement, whether due to fraud or error.
In preparing the annual accounts and consolidated accounts, 
The Board of Directors and the Managing Director are 
responsible for the assessment of the company’s and the 
group’s ability to continue as a going concern. They disclose, as 
applicable, matters related to going concern and using the going 
concern basis of accounting. The going concern basis of 
accounting is however not applied if the Board of Directors and 
the Managing Director intends to liquidate the company, to 
cease operations, or has no realistic alternative but to do so. 
Auditor’s responsibility
Our objectives are to obtain reasonable assurance about 
whether the annual accounts and consolidated accounts as a 
whole are free from material misstatement, whether due to 
fraud or error, and to issue an auditor’s report that includes our 
opinions. Reasonable assurance is a high level of assurance, 
but is not a guarantee that an audit conducted in accordance 
with ISAs and generally accepted auditing standards in Sweden 
will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered 
material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of 
users taken on the basis of these annual accounts and 
consolidated accounts.
As part of an audit in accordance with ISAs, we exercise 
professional judgment and maintain professional scepticism 
throughout the audit. We also:
Tethys Oil Annual Report 2024
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Auditor’s report

•	Identify and assess the risks of material misstatement of the 
annual accounts and consolidated accounts, whether due to 
fraud or error, design and perform audit procedures 
responsive to those risks, and obtain audit evidence that is 
sufficient and appropriate to provide a basis for our opinions. 
The risk of not detecting a material misstatement resulting 
from fraud is higher than for one resulting from error, as fraud 
may involve collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal control.
•	Obtain an understanding of the company’s internal control 
relevant to our audit in order to design audit procedures that 
are appropriate in the circumstances, but not for the purpose 
of expressing an opinion on the effectiveness of the 
company’s internal control.
•	Evaluate the appropriateness of accounting policies used and 
the reasonableness of accounting estimates and related 
disclosures made by the Board of Directors and the Managing 
Director.
•	Conclude on the appropriateness of the Board of Directors’ 
and the Managing Director’s use of the going concern basis of 
accounting in preparing the annual accounts and 
consolidated accounts. We also draw a conclusion, based on 
the audit evidence obtained, as to whether any material 
uncertainty exists related to events or conditions that may 
cast significant doubt on the company’s and the group’s ability 
to continue as a going concern. If we conclude that a material 
uncertainty exists, we are required to draw attention in our 
auditor’s report to the related disclosures in the annual 
accounts and consolidated accounts or, if such disclosures 
are inadequate, to modify our opinion about the annual 
accounts and consolidated accounts. Our conclusions are 
based on the audit evidence obtained up to the date of our 
auditor’s report. However, future events or conditions may 
cause a company and a group to cease to continue as a going 
concern.
•	Evaluate the overall presentation, structure and content of the 
annual accounts and consolidated accounts, including the 
disclosures, and whether the annual accounts and 
consolidated accounts represent the underlying transactions 
and events in a manner that achieves fair presentation.
•	Plan and perform the group audit to obtain sufficient and 
appropriate audit evidence regarding the financial information 
of the entities or business units within the group as a basis 
for forming an opinion on the consolidated accounts. We are 
responsible for the direction, supervision and review of the 
audit work performed for purposes of the group audit. We 
remain solely responsible for our opinions.
We must inform the Board of Directors of, among other matters, 
the planned scope and timing of the audit. We must also inform 
of significant audit findings during our audit, including any 
significant deficiencies in internal control that we identified.
Report on other legal and regulatory requirements
Opinions
In addition to our audit of the annual accounts and consolidated 
accounts, we have also audited the administration of the Board 
of Directors and the Managing Director of Tethys Oil AB for the 
financial year 2024-01-01 – 2024-12-31 and the proposed 
appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders that 
the profit to be appropriated in accordance with the proposal in 
the statutory administration report and that the members of the 
Board of Directors and the Managing Director be discharged 
from liability for the financial year. 
A separate list of loans and collateral has been prepared in 
accordance with the provisions of the Companies Act.
Basis for Opinions
We conducted the audit in accordance with generally accepted 
auditing standards in Sweden. Our responsibilities under those 
standards are further described in the Auditor’s Responsibilities 
section. We are independent of the parent company and the 
group in accordance with professional ethics for accountants in 
Sweden and have otherwise fulfilled our ethical responsibilities 
in accordance with these requirements.
We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors and the Managing 
Director
The Board of Directors is responsible for the proposal for 
appropriations of the company’s profit or loss. At the proposal of 
a dividend, this includes an assessment of whether the dividend 
is justifiable considering the requirements which the company’s 
and the group’s type of operations, size and risks place on the 
size of the parent company’s and the group’s equity, 
consolidation requirements, liquidity and position in general.
The Board of Directors is responsible for the company’s 
organization and the administration of the company’s affairs. 
This includes among other things continuous assessment of the 
company’s and the group’s financial situation and ensuring that 
the company’s organization is designed so that the accounting, 
management of assets and the company’s financial affairs 
otherwise are controlled in a reassuring manner. The Managing 
Director shall manage the ongoing administration according to 
the Board of Directors’ guidelines and instructions and among 
other matters take measures that are necessary to fulfill the 
company’s accounting in accordance with law and handle the 
management of assets in a reassuring manner.
Auditor’s responsibility
Our objective concerning the audit of the administration, and 
thereby our opinion about discharge from liability, is to obtain 
audit evidence to assess with a reasonable degree of assurance 
whether any member of the Board of Directors or the Managing 
Director in any material respect:
Tethys Oil Annual Report 2024
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Auditor’s report

•	has undertaken any action or been guilty of any omission 
which can give rise to liability to the company, or
•	in any other way has acted in contravention of the Companies 
Act, the Annual Accounts Act or the Articles of Association.
Our objective concerning the audit of the proposed 
appropriations of the company’s profit or loss, and thereby our 
opinion about this, is to assess with reasonable degree of 
assurance whether the proposal is in accordance with the 
Companies Act.
Reasonable assurance is a high level of assurance, but is not 
a guarantee that an audit conducted in accordance with 
generally accepted auditing standards in Sweden will always 
detect actions or omissions that can give rise to liability to the 
company, or that the proposed appropriations of the company’s 
profit or loss are not in accordance with the Companies Act.
As part of an audit in accordance with generally accepted 
auditing standards in Sweden, we exercise professional 
Stockholm, 8 April 2025
Deloitte AB
Signature on Swedish original
Andreas Frountzos
Authorized Public Accountant
judgment and maintain professional scepticism throughout the 
audit. The examination of the administration and the proposed 
appropriations of the company’s profit or loss is based primarily 
on the audit of the accounts. Additional audit procedures 
performed are based on our professional judgment with starting 
point in risk and materiality. This means that we focus the 
examination on such actions, areas and relationships that are 
material for the operations and where deviations and violations 
would have particular importance for the company’s situation. 
We examine and test decisions undertaken, support for 
decisions, actions taken and other circumstances that are 
relevant to our opinion concerning discharge from liability. As a 
basis for our opinion on the Board of Directors’ proposed 
appropriations of the company’s profit or loss we examined the 
Board of Directors’ reasoned statement and a selection of 
supporting evidence in order to be able to assess whether the 
proposal is in accordance with the Companies Act.
Tethys Oil Annual Report 2024
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Auditor’s report

Corporate Head Office
Tethys Oil AB (publ)
Hovslagargatan 5B
SE-111 48 Stockholm
Sverige
Telephone: +46 8 505 947 00
Fax: +46 8 505 947 99
E-mail: info@tethysoil.com
www.tethysoil.com