Abu Dhabi investor to sell stake in Thai oil block
KrisEnergy Ltd will buy the remaining stake from Mubadala Petroleum
Upstream oil and gas firm KrisEnergy Ltd said on Wednesday that it plans to buy the remaining stake in an oil block in Thailand from Mubadala Petroleum, a subsidiary of an Abu Dhabi state investor, for $102.5 million, according to Reuters.
The G10/48 block, estimated to hold 19.6 million barrels of oil, contains three oil discoveries. Production on one of them is expected for the second half of 2015, KrisEnergy said in a statement.
KrisEnergy purchased 25 percent of the non-operated working capital in 2009, and plans to take over the entire issued and paid up share capital through this transaction.
Mubadala Petroleum is a unit of Mubadala Development Company, an investment firm of the government of Abu Dhabi.