Mubadala gearing up to drill three Thai wells
UAE-based Mubadala Petroleum is preparing to start a three-well drilling campaign on the Manora field, located in the G1/48 concession in the northern Gulf of Thailand, in November.
The Manora field is operated by Mubadala Petroleum with a 60% interest and Tap Oil is its partner with a 30% interest. The field started production in November 2014.
Tap Oil said on Wednesday that the partners had approved the drilling of three firm exploration wells and an appraisal side-track contingent upon exploration success.
The first well in the program, Inthanin -1 is expected to spud in the last week of November 2019 and will be followed by Yothaka East-1 and Krissana-1. A contingent side-track, into the Yothaka structure will be dependent upon the results of the Yothaka East-1 and Krissana-1 exploration wells.
All wells are located in the Manora Production Licence, and within 5km of the Manora platform.
The Prospective Resource assessment was undertaken by Discover Geoscience in their capacity as an independent technical expert using data and information provided by Tap.
These “near field” prospects are located in close proximity to Manora’s discovered producing reservoirs. The development of these volumes would take advantage of existing infrastructure and operating capability.
The Inthanin prospect could be developed by deviated wells drilled directly from the Manora platform. Development of the Yothaka East – Krissana cluster would require investment in a new wellhead platform tied back to the Manora platform where the oil would be processed and stored on the existing FSO.
Each prospect has multiple stacked reservoir objectives with largely independent geological risks. This independence, when consolidated, drives the high geological success rates and is supported by the high quality 3D seismic data and proven petroleum system in close proximity to Manora.
Tap’s Executive Chairman, Chris Newton, said: “The planned exploration drilling campaign is consistent with Tap’s strategy to focus its resources and capability on incremental investment opportunities in and around the Manora Oil Field. That strategy is driven by infrastructure, knowledge and fiscal leverage and enabled by the continued downward trend in drilling costs achieved by the Operator, Mubadala Petroleum.
“The $1.72 million pretax dry hole budgeted cost for 3 exploration wells was considered reasonable in light of Tap’s cash position. However, success would be material given the combined P50 success case of 1.1 MMSTB for a program of 3 exploration wells, given Tap’s 1P Reserves at 31 December 2018. The contingent Yothaka appraisal well was designed to accelerate the development of exploration success and realize the synergies of existing Manora Oil Field production.”
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