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Abu Dhabi's Mubadala to drill for oil in Thailand
Monday - 7/23/2012, 6:38am EDT
DUBAI, United Arab Emirates (AP) - Abu Dhabi's state-backed Mubadala Petroleum says it and its partners plan to begin developing an oil field in the northern Gulf of Thailand.
Mubadala said Monday it hopes to begin production from the Manora field in early 2014, with peak production of 15,000 barrels a day within a few months of operation. The project is expected to cost $246 million.
The offshore field was discovered in 2009.
Mubadala's Pearl Oil unit holds a 60 percent interest in the exploration area. Australia's Tap Energy has a 30 percent share, while Northern Gulf Petroleum holds a 10 percent stake. Tap has a controlling interest in Northern Gulf.
Mubadala Petroleum is part of Mubadala Development Company, an investment vehicle of the United Arab Emirates capital Abu Dhabi.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)