DUBAI, July 23 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
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)