Thailand-based Mubadala Petroleum subsidiary MP G1 is set to increase its stake in G1/48 Manora block in the Gulf of Thailand.
Northern Gulf Petroleum, an oil and gas exploration and production services firm, has agreed to transfer its 10% stake in the G1/48 Manora block to MP G1 (Thailand).
Australian exploration and production company Tap Oil owns 30% direct interest in the G1/48 concession.
In a statement, Tap Oil said: “As a joint venture party, Tap has consented to this transfer.
“The transfer will become effective upon the execution of the relevant supplementary concession pursuant to the Thailand Petroleum Act.”
On interest transfer finalisation, operator MP G1 (Thailand) will hold 70% in the concession.
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The Manora oil field lies in 44m depth of water approximately 80km from the coast of Thailand. Discovered in November 2009, Manora oilfield produced first oil in November 2014.
It produced 14.36 million barrels of oil gross from 14 wells at the end of 2018. The average production was 6,397 barrels of oil per day gross in 2018.
The Manora oil field has three key components the platform, the Floating Storage Offloading (FSO) Unit and the development wells.
In August last year, Tap Oil completed a drilling programme at the Manora Oil field.
In the same year, Tap Oil announced that its joint venture (JV) partners approved a 2019 work programme and budget for the Manora oilfield.