Abu Dhabi investment group Mubadala is to go ahead with development of a new oil field in the Gulf of Thailand.
The company’s petroleum arm is to partner with Singapore-listed Kris Energy to develop the Nong Yao area.
The initial phase of the project will be made up of 23 wells, a processing platform and wellhead platform, with oil exported via floating storage and offloading vessel.
The field is set to produce up to 15,000 barrels of oil per day, and 30,000 barrels of fluids per day, with Mubadala taking a 75% stake in the project.
Production from the field is due to start in the first half of 2015.
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