Abu Dhabi: Mubadala Petroleum announces that it has signed the Production Sharing Contract (PSC) together with its partner PTTEP Energy Development Company Limited (PTTEP ED), a subsidiary of PTT Exploration and Production Public Company Limited, for offshore Block G1/61 containing the Erawan producing gas field in Thailand.

The current Block G1/61 concession will expire in April 2022 and PTTEP ED will then assume the operatorship. PTTEP ED will hold a 60 percent participating interest and Mubadala Petroleum will hold a 40 percent participating interest in the PSC.

Our joint bid in the competitive auction was successful as announced in December 2018 by Thailand’s Ministry of Energy.

Commenting after the signing, Mubadala Petroleum’s Chief Executive Officer, Dr Bakheet Al Katheeri, “Mubadala Petroleum is proud to be contributing to Thailand’s energy security with our investment in the G1/61 PSC while we also mark the beginning of an important new partnership with PTTEP ED. We look forward to working closely together with PTTEP ED to efficiently and safely produce gas and further develop the Erawan field to safeguard Thailand’s long-term domestic gas supply.

The Erawan field is Mubadala Petroleum’s first gas project in Thailand, where we are currently one of the largest crude oil operators with three producing fields. This large-scale, long-term producing gas asset will contribute to our overall growth strategy by increasing the proportion of gas in our producing portfolio while also building on our recent gas-focused acquisitions in Egypt and development of the Pegaga gas field in Malaysia.”

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About Mubadala Petroleum  
Mubadala Petroleum is an international, upstream oil and gas exploration and production company. We are a wholly-owned subsidiary of Mubadala Investment Company (Mubadala), which is owned by the Government of Abu Dhabi. Mubadala Petroleum manages assets and operations spanning 10 countries with a primary geographic focus on the Middle East and North Africa, Russia and Southeast Asia. Our working interest production is around 360,000 barrels per day of oil equivalent.

In Thailand, Mubadala Petroleum has had a presence since 2004 and has built a strong track record of safe and efficient production from three producing oil fields. The very successful Jasmine offshore development in B5/27, the Manora offshore development in G1/48 which started production in November 2014 and Nong Yao in G11/48 which followed in June 2015. Mubadala Petroleum also has a non-operated interest in the G6/48 concession.

For more information, please visit www.mubadalapetroleum.com 

Further information:

Angela Soeteber,
Acting Head, Communications
M: +65 9018 2071
Communications@mubadalapetroleum.com 

© Press Release 2019

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