Mubadala Petroleum, in concert with KrisEnergy Limited, has recently announced the approval of an oil well development off the coast of Thailand near the Pattani and Malay Basins.
According to a press release issued by Mubadala Petroleum, production will begin in the first half of 2015, with peak rates of 10,000 barrels of oil a day expected a few months after. The development will also include a minimum facility wellhead platform, a wellhead processing platform, and crude oil will be exported by way of a floating storage and offloading vessel.
Kris Energy, through a spokesperson, told the Sovereign Wealth Fund Institute, “the contract for the construction of the Nong Yao platform was put to tender and that process is still on-going. The contract has not been awarded yet.”
Mubadala Petroleum is estimating the development of 12.4 million barrels of oil over a projected 7-year field life. At current market rates that would equate to roughly US$ 1.3 billion.
The location of the well is the G11/48 concession, approximately 165 kilometers offshore in depths of 75 meters. It is located just west of concession G10/48, a concession acquired by Mubadala Development Company through its purchase of Pearl Energy Limited from Aabar Energy PJSC in May of 2008. That deal was valued at US$ 833.3 million. The other concesssion is G6/48 which according to Kris Energy is pending approval from the Thai government.
In 2008, Abu-Dhabi based Mubadala Development Company acquired Pearl Energy. Pearl Energy was the original operator of the G11/48 licence until its name was changed to Mubadala Petroleum. The founders of KrisEnergy were the original founders of Pearl Energy, which was acquired in 2006 by Aabar of the United Arab Emirates. Aabar sold Pearl Energy to Mubadala.
Mubadala Petroleum did not immediately respond to further inquiries about details of the deal.