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Mubadala Petroleum to Develop Offshore Thailand Oil Well

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mubadala petroleumMubadala 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.

CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

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Invesco Lost a Big SWF Equity Mandate

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Invesco celebrated its landmark acquisition to acquire OppenheimerFunds from MassMutual. Invesco faced some outflows on its active management side of the business. In the third quarter of 2018, Invesco had outflows from two sovereign wealth funds, which totaled approximately US$ 2.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Sky News Reveals CPPIB Eyeing Gatwick Airport

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Mark Kleinman of Sky News revealed that the Canada Pension Plan Investment Board (CPPIB) is seeking to purchase a stake in Gatwick airport. The transaction could be more than £3 billion GBP, as CPPIB seeks to acquire a 42% in the airport from Global Infrastructure Partners. Furthermore, CPPIB would invest more capital into the airport if the deal goes through.

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