Mubadala, Tap Oil to start developing Manora field

DUBAI, July 23 Mon Jul 23, 2012 2:11pm IST

Stocks

   

DUBAI, July 23 (Reuters) - Abu Dhabi's Mubadala Petroleum and its partners will start developing the Manora concession in the Gulf of Thailand and aim to start production in early 2014, Mubadala said in on Monday.

Located in the northern part of the Gulf Of Thailand, the Manora field was discovered in 2009, with a primary reservoir estimated to have proved and probably reserves of 20.2 million barrels, Mubadala said in a statement.

The project, worth $246 million, is operated by Pearl Energy, Mubadala Petroleum's subsidiary focused on southeast Asia.

Pearl holds 60 percent of the Manora concession while Australia's Tap Oil holds 30 percent. Northern Gulf Petroleum, where Tap Oil has a 75 percent stake, has the remaining 10 percent.

"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, wholly owned by Abu Dhabi investment vehicle Mubadala, is an upstream oil and gas exploration and production company which has assets in several places including Indonesia, the Caspian Sea and the Middle East Gulf.

(Reporting by Humeyra Pamuk; editing by Jason Neely)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

India-Nepal Ties

REUTERS SHOWCASE

Tackling Food Prices

Tackling Food Prices

India to free up extra 10 million tonne wheat in open market  Full Article 

Facebook Results

Facebook Results

Facebook beats Wall Street targets, stock hits record high  Full Article 

GM Recall

GM Recall

GM recalls 717,950 vehicles in U.S., not for ignition switches  Full Article 

Hyundai Motor Results

Hyundai Motor Results

Hyundai Motor Q2 profit slips as firmer won, U.S. discounts hurt  Full Article 

Nokia Results

Nokia Results

Nokia raises networks outlook after Q2 profit beats estimates  Full Article 

Factory Sector

Factory Sector

China July HSBC flash PMI at 18-month high of 52.0   Full Article 

Breakingviews

Breakingviews

Apple winds up earnings hope for new gadgets  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage