Mubadala Petroleum to sell complete stake in offshore Thai oil block

offshore rig-tsuda flickrMubadala Petroleum will sell its entire stake in a Thai oil block to an upstream oil and gas firm KrisEnergy for US$102.5mn

Block G10/48 covers 4,696 sq km in Thailand and is estimated to hold 19.6mn barrels of oil. The offshore block contains three oil discoveries and production in one of them is expected for the second half of 2015, KrisEnergy said in a statement.

KrisEnergy had acquired a 25 per cent non-operated working interest in Block G10/48 in November 2009. Mubadala Petroleum is the operator of G10/48 and holds the remaining 75 per cent working interest.

Mubadala Petroleum is a unit of Mubadala Development Company, an investment firm of the government of the UAE.

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