Mubadala Petroleum signed the Production Sharing Contract (PSC) with its Thai partner PTTEP Energy Development Company Limited (PTTEP ED) for offshore Block G1/61, Mubadala announced on February 26.
The offshore block contains the Erawan field in Thailand, which will expire in April 2022 and PTTEP ED will then assume operational control.
“We look forward to working closely together with PTTEP ED to efficiently and safely produce gas and further develop the Erawan field to safeguard Thailand’s long-term domestic gas supply,” Bakheet Al Katheeri, Mubadala’s CEO commented after the signing.
The Thai partner will hold a 60% interest and Mubadala will own the remaining 40% interest in the PSC.
PTTEP ED is a subsidiary of PTT Exploration and Production Public Company Limited.