Tethys targets Gotland for oil

Oil company Tethys Oil has said that it wants to begin exploratory oil drilling on northern Gotland. Because of rising world oil prices, the company believes it could now be profitable to begin sourcing oil from the Swedish island.

“We know that there is oil there and a lot was produced during the 1970s and 1980s,” said the company’s managing director Magnous Nordin to Swedish Radio Gotland.

Founded in 2001, Tethys Oil is a Swedish independent oil and natural gas company with interests in Oman, Denmark, Morocco, Spain, Turkey and France.

Another company, Gotoil, has already been given permission to search for oil on Gotland.