Singapore-listed KrisEnergy Ltd. and its joint venture partner Mubadala Petroleum have agreed on a final investment decision to develop the Nong Yao oil field in the G11/48 contract area in the Gulf of Thailand.
The development concept for the initial phase of the Nong Yao field will comprise 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.
First oil from the offshore Nong Yao field is expected in the first half 2015 and the production capacity is expected to reach up to 15,000 barrels of oil per day and 30,000 barrels of fluids per day.
“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,” Chris Gibson-Robinson, KrisEnergy’s director Exploration & Production, said in a press release.
Mubadala Petroleum is operator of Block G11/48 with a 75 percent stake, while partner KrisEnergy, which acquired an interest in the concession in 2009, holds the remaining 25 percent working interest.
Block G11/48 covers 4,220 miles (6,791 square kilometers) over the southern margin of the Pattani Basin and the northwest margin of the Malay Basin in water depths of up to 246 feet (75 meters).
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