Mubadala Petroleum, KirsEnergy agree go-ahead for Nong Yao development

Singapore: KrisEnergy Ltd, an independent upstream oil and gas company, and Mubadala Petroleum, a subsidiary of Mubadala, the Abu Dhabi Government-owned investment and development company, have agreed the final investment decision for the Nong Yao oil development in the G11/48 contract area in the Gulf of Thailand. First oil is anticipated in the first half 2015, according to Singapore-listed KirsEnergy's press release yesterday. "We are extremely pleased that the joint-venture partners have reached this stage. The development of Nong Yao marks another milestone in KrisEnergy's growth and we are delighted to be developing a project in the Gulf of Thailand where we have enjoyed success previously," said Chris Gibson-Robinson, KrisEnergy's Director Exploration '&' Production. According to KirsEnergy, the development concept for the initial phase of the Nong Yao field comprises 23 wells, a wellhead processing platform and a minimum facility wellhead platform with the export of crude oil via a floating storage and offloading vessel. The production capacity will be up to 15,000 barrels of oil per day and 30,000 barrels of fluids per day. KrisEnergy acquired a 25% working interest in G11/48 in 2009. Mubadala Petroleum is the operator of the block and holds 75%. G11/48 covers 6,791 sq km over the southern margin of the Pattani Basin and the northwest margin of the Malay Basin in water depths of up to 75 metres. – Emirates News Agency, WAM