Mubadala, Tap Oil to start developing Manora field

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)