Mubadala Petroleum, a unit of Abu Dhabi’s Mubadala Investment Company, signed a production sharing contract with Thailand’s PTTEP Energy Development Company (PTTEP ED), its first gas project in South-East Asia's second-largest economy.
The company will work with PTTED ED, a unit of PTT Exploration and Production Public Company, to develop offshore Block G1/61 that contains the Erawan field, it said on Tuesday. The Thai company will hold a 60 per cent interest in the concession and Mubadala Petroleum will have the remaining stake. The value of the offshore project was not disclosed.
“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,” said Bakheet Al Katheeri, Mubadala Petroleum’s chief executive. “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 gasfield in Malaysia.”
Mubadala Petroleum manages assets and operations across 10 countries with a geographic focus on the Middle East, Russia and South-East Asia. The company produces about 360,000 barrels per day of oil equivalent per day.
In December, Mubadala Petroleum said it had completed the acquisition of a 20 per cent stake in an offshore Egyptian concession area from Italy's Eni.