Mubadala Petroleum and Others to Develop Thailand Offshore Oil Field
Mubadala Petroleum which is owned by the Mubadala Development Company with Tap Energy plans to develop an oil field in the Northern Gulf of Thailand. Mubadala Petroleum owns a 60% operating interest in the exploration field through its Pearl affiliates. Tap Oil Limited also owns a major stake in the concession through its subsidiary Tap Energy (Thailand) Pty Ltd.
In a July press release, Tap’s Managing Director & CEO, Troy Hayden said:
“The announcement of FID on Manora is a milestone event in Tap’s development. Manora is expected to generate significant future cashflow and will remain as a key focus for Tap over the development phase. The drilling program at G1/48 provides exploration upside, with the potential to further consolidate our position in Thailand.”
The Manora offshore field was discovered in 2009. Production in the Manora field could start as soon as early 2014. Peak production could amount to 15,000 barrels per day after four to five months of initial operations. The project is estimated to cost around US$ 246 million.
Exploration Area – Concession Partners
- Pearl Oil (Amata) Limited (Operator) – 40%
- Pearl Energy (G1) Limited – 20%
- Northern Gulf Petroleum Pte Ltd – 10%
- Tap Energy (Thailand) Pty Ltd – 30%
Tap Energy has a controlling interest in Northern Gulf Petroleum.