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.
Pre-market: Nifty seen opening lower on Bernanke comments
The 50-share Nifty index is expected to open lower on Thursday tracking Asian markets, which fell on worries after US Federal Reserve Chairman Ben Bernanke said that the Fed would begin tapering off
A journey of success
Emirates NBD, the first national bank of the UAE, celebrates 50 years as a financial pillar
As Emirates NBD, a leading bank in the region, announced plans to celebrate the 50th anniversar
Markets slump amid weak global cues, rupee weighs
Benchmark share indices opened lower on Thursday, amid weak global cues, after the Fed's stance of reducing stimulus coupled with weak manufacturing data from China led to sell off in Asian markets.
Sensex tanks 366 points on Bernanke comments
Indian markets plunged over 1.9 per cent in the morning trade on Thursday on heavy selling by funds and retail investors owing to weak Asian cues.
At 9.41 a.m., the 30-share BSE index
Mashreq introduces new E Cube retail concept
Mashreq introduced the new age of banking on Wednesday with the launch of the UAE’s first of its kind E Cube retail concept at its Dubai Internet City branch.