Tap Oil Updates on Gulf of Thailand Projects

Australia-based Tap Oil gave an update on the Manora oil development as well as on exploration blocks G1/48 and G3/48 in the Gulf of Thailand in its report for the June quarter.

First oil from the Manora development is expected in early 2014, with production rising to an estimated peak of 15,000 barrels of oil per day from 10 production wells and 5 injection wells. During the quarter, Clough Thailand Limited progressed the platform construction work at their Sattahip construction site in Thailand and all decks are now under construction.

Meantime, the owner of the floating storage and offloading (FSO) vessel, Omni Offshore Terminals Pte. Ltd (formerly Tanker Pacific Offshore Terminals Pte. Ltd), has commenced FSO conversion, while Atwood Offshore Worldwide Limited was awarded the contract for drilling 15 development wells beginning early in 2014.

The Manora development concept consists of a single well head processing platform linked to a FSO with 15 development wells. The development, costing $246 million, is operated by MP G6 (Thailand) Limited (formerly known as Pearl Oil (Amata) Limited), a Mubadala Petroleum affiliate. The Manora development has 2P (proven and probable) reserves of 20.2 million barrels gross and expects ultimate recovery of 31.1 million barrels gross from the main pay sequence that is the focus of the Field Development Plan, as well as 2 other oil pay sequences.

Separately, the Thai Ministry of Energy has approved the applications for a renewal of the G1/48 and G3/48 concessions in the northern Gulf of Thailand, which are operated by affiliates of Mubadala Petroleum. The G1/48 concession was renewed for a third 3 year exploration term with an obligation to drill 1 well prior to December 2013 and 1 well prior to December 2014. The G3/48 concession was also renewed for a third 3 year exploration term and will require 1 well to be drilled prior to January 2015. Work is progressing to mature the best candidates for drilling in both concessions.

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