Mubadala Petroleum has increased its ownership share in the G1/48 block containing the Manora oil field in the Gulf of Thailand.
The company has, via its subsidiary MP G1, taken a 10 percent interest in the offshore block from Northern Gulf Petroleum. The terms of the transaction were not disclosed.
The news of the arrangement was shared by Tap Oi, the partner in the block, who said it has consented to the transfer of Northern Petroleum's Manora stake to Mubadala.
Upon finalization of the transfer, the interests Mubadala will own a 70% stake in the offshore blick, with Tap Oil holding the remaining 30%.
The Manora Oil Field was discovered in November 2009 and produced first oil in November 2014. At the end of 2019, Manora had produced 16.3 million barrels of oil gross from 14 wells averaging 5,342 bopd gross in 2019.
The field produced with an 80.3% water cut in 2019 and currently has five water injection wells to dispose of produced water and provide reservoir pressure support in the deeper reservoirs.
The Manora Oil Field is located in the 171.75 Km2 North Kra Production Area.