Abu Dhabi-based Mubadala Petroleum, an international, upstream oil and gas exploration and production company and its partners have given approval for the development of its Manora concession G1/48 oilfield in Thailand.
Through its Pearl Oil affiliates, Mubadala Petroleum holds a 60 per cent interest in the G1/48 concession and is the operator. The remaining interest is held by Tap Energy of Thailand (30 percent) and Northern Gulf Petroleum (10 per cent).
The Manora field was discovered in 2009, and is located in the northern Gulf of Thailand 80 km offshore in a water depth of 44 meters. Its field life is projected at around eleven years.
Following a successful appraisal program, conducted in 2010, the development concept was selected in late 2011 and consists of a central processing platform producing into a floating storage and offloading (FSO) vessel.
The initial development phase will consist of ten 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, said a statement from Mubadala.
The contract awards for the platform construction and installation, and the supply of a dedicated FSO unit, are currently being finalised, revealed
Maurizio La Noce, the CEO of Mubadala Petroleum.
According to him, the development of Manora marks an important new chapter for Mubadala Petroleum in Thailand.
The development of Manora will require a capital investment of $246 million, excluding an abandonment provision, said the company chief.
"We have developed a strong technical understanding of the subsurface in this province based on our experience operating the highly successful Jasmine project. This has been further enhanced by the very active exploration and appraisal program that yielded Manora and a number of other material discoveries we plan to develop in the near future," he added.