Abu Dhabi’s Mubadala Petroleum has announced that it has signed a Production Sharing Contract (PSC) with its partner PTTEP Energy Development Company Limited (PTTEP ED) for offshore Block G1/61 containing the Erawan gas field in Thailand
The current Block G1/61 concession will expire in April 2022 and PTTEP ED, a subsidiary of PTT Exploration and Production PCL, will then take over the operations.
PTTEP ED will hold a 60 per cent stake and Mubadala Petroleum will hold a 40 per cent stake in the PSC.
Bakheet Al Katheeri, CEO of Mubadala Petroleum, said, “Mubadala Petroleum is proud to be contributing to Thailand’s energy security with our investment in the G1/61 PSC while we also mark the beginning of an important new partnership with PTTEP ED.”
“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,” he concluded.
