(MENAFN - Khaleej Times) Abu Dhabi's Mubadala Petroleum and its concession partner, Kris Energy, have approved the development of the Nong Yao field in Concession G11/48 in the Gulf of Thailand, to produce 15,000 barrels of oil per day.
The facilities will have a production capacity of up to 15,000 barrels of oil per day and 30,000 barrels of fluids per day, says Mubadala Petroleum.
The initial development phase will consist of 23 development wells targeting the primary reservoirs.
It is planned to commence production in the first half of 2015 and peak rates are expected to reach approximately 10,000 barrels of oil per day within the first few months.
Mubadala Petroleum expects the Nong Yao project to develop some 12.4 million barrels (gross) of oil via a combination of artificial lift and waterflood technologies. Field life is projected at around seven years. Contract awards for the platform construction and installation, and the supply of the dedicated FSO unit, are currently being finalised.
Mubadala Petroleum, through its wholly-owned affiliates, holds a 75 per cent interest in the G11/48 concession and is operator. The remaining 25 per cent interest is held by KrisEnergy.
The Nong Yao field was discovered in 2009. Its development comes on the heels of the Manora field project that was approved in July 2012.
Nong Yao is located in the southern Gulf of Thailand approximately 165km offshore in water depth of about 75 metres. The development comprises a wellhead processing platform and a minimum facility wellhead platform with crude export via a floating storage and offloading vessel.
With a presence in Thailand through Pearl Oil since 2004, Mubadala Petroleum is the third-largest petroleum concessionaire in the Asian nation, as it operates eight concessions including the very successful Jasmine B5/27 offshore development in the Gulf of Thailand. Mubadala has interests in two non-operated concessions.
"Our contribution to the Thai economy since commencing operations has been significant, with total expenditures up to the end of 2012 in excess of 1.8 billion, and taxes and royalty payments of more than 900 million," says the Mubadala Petroleum website.
courtesy of Khaleej Times
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