Abu Dhabi – Mubasher: Mubadala Petroleum, a unit of Abu Dhabi’s Mubadala Investment Company, on Tuesday revealed that it has signed a production-sharing agreement (PSA) with Thailand’s PTTEP Energy Development Company (PTTEP ED), a national petroleum exploration and production firm.
This is considered Mubadala’s first gas project in Thailand, South East Asia's second-largest economy.
Both companies will work on developing offshore Block G1/61 that contains the Erawan field, Mubadala said in a statement.
Under the deal, PTTEP ED, a unit of PTT Exploration and Production Public Company, will hold a 60% interest in the concession and Mubadala Petroleum will have the remaining stake.
“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,” Bakheet Al Katheeri, Mubadala Petroleum’s chief executive, said.
Mubadala Petroleum did not disclose the total value of the project.
It is worth noting that Mubadala Petroleum produces around 360,000 barrels per day (bpd) of oil equivalent, in addition to managing concessions and operating in 10 countries across the world.
