KrisEnergy will go ahead with its Wassana oil development in Thailand after approving a final investment decision for the project.
The development is located in the Gulf of Thailand G10/48 licence and production is expected to start in the second half of 2015.
The Wassana development concept includes a mobile offshore production unit (MOPU) and 12 to 14 development wells producing to a floating storage offloading vessel.
KrisEnergy will use a converted Bethlehem Matt Type jackup rig, which is due to be delivered in September 2014.
The company owns 100% working stake in G10/48, which covers 4,696km² over the southern section of the Pattani Basin in water depths up to 60m.
The licence includes three oil discoveries, Wassana, Niramai and Mayura, in several stages of development or appraisal.
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The Wassana oil field is anticipated to reach a peak production of 10,000bpd.
KrisEnergy exploration and production director Chris Gibson-Robinson said: "Having taken over operatorship of G10/48 in mid-May, we are making good headway in advancing the Wassana development.
"The MOPU solution is efficient both in timing and costs, but also provides the flexibility to look at future commercialisation of other discoveries in the G10/48 licence area.
"We have also mapped a portfolio of prospects and leads in this block, some of which will provide additional development areas once we have completed further exploration drilling."