UAE-based oil company, Mubadala Petroleum, closes deal with its Thai partner PTTEP for a Production Sharing Contract (PSC) on the offshore Block G1/61 in Thailand.
PTTEP Energy Development Company Limited will assume the operations of the Erawan producing gas field after the current concession expires in April 2022. PTTEP will hold 60% participating interest in the PSC, while the remaining 40% will be held by Mubadala.
Dr Bakheet Al Katheeri, Mubadala Petroleum’s CEO said that the deal, which is expected to contribute to Thailand’s energy security marks the beginning of an important new partnership with PTTEP.
“We look forward to working closely together with PTTEP ED to efficiently and safely produce gas and further develop the Erawan field to safeguard Thailand’s long-term domestic gas supply” he added.
“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. 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 gas field in Malaysia.” Al Katheeri said.
The two companies won the joint bid in the competitive auction last December 2018.
(Read related news here :http://www.eog-asia.com/pttep-wins-first-mideast-project-with-uae-deal/)