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Abu Dhabi, Singapore firm team up for Thailand development

Abu Dhabi, Singapore firm team up for Thailand development

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A subsidiary of Abu Dhabi state investment fund Mubadala and a Singapore-listed company plan to develop an oil field in the Gulf of Thailand.

Mubadala Petroleum and Kris Energy will develop the Nong Yao field, they announced Monday.

Production is expected to commence in the first half of 2015, with a capacity up to 15,000 barrels of oil per day and 30,000 barrels of oil fluids per day,

Mubadala Petroleum holds a 75 percent interest in the concession and is the operator; Kris Energy has the remaining 25 percent interest.

Kris Energy is listed on the Singapore stock exchange. It was established in 2009 by U.S.-based First Reserve. Singapore government-linked Keppel Corporation became a 20 percent shareholder in 2012.

It focuses on exploration, development and production of oil and gas in the basins of Southeast Asia, with interests in the Surma Basin in Bangladesh, the Papuan Basin, offshore southern China and Indonesia.

Mubadala Petroleum was set up last year. It is participating in the Dolphin Gas Project in Qatar, Oman and the UAE, and in enhanced oil recovery projects in Oman and Bahrain. It also has interests in what it calls “high impact exploration” in Kazakhstan, Tanzania and Southeast Asia.

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