Abu Dhabi’s Mubadala part of Thailand oil drilling consortium

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Photo – Susana Gonzalez/Bloomberg

Mubadala Petroleum said on Monday it has plans to begin developing an oil field in the northern Gulf of Thailand.

Abu Dhabi’s state-backed company said it hopes to begin production from the Manora field in early 2014, with peak production of 15,000 barrels a day within a few months of operation. The project is expected to cost $246 million.

The offshore field was discovered in 2009.

Mubadala’s Pearl Oil unit holds a 60% interest in the exploration area whereas Australia’s Tap Energy has a 30% share. Northern Gulf Petroleum, another stake holder of the project, holds a 10 percent share. Tap has a controlling interest in Northern Gulf.

“The initial development phase will consist of 10 production wells and five water injection wells targeting the primary reservoir. It is planned to commence production in early 2014 and peak rates are expected to reach approximately 15,000 bpd within a few months from first oil,” the statement said.

Mubadala Petroleum is part of Mubadala Development Company, an investment vehicle of the United Arab Emirates capital Abu Dhabi. It is involved in upstream oil and gas exploration and production and has assets in several places including Indonesia, the Caspian Sea and the Middle East Gulf.

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