Singapore-listed oil and gas exploration and production company KrisEnergy has acquired a 60 per cent stake in an exploration block in the Gulf of Thailand.
KrisEnergy said on Tuesday its wholly-owned subsidiary, KrisEnergy (Gulf of Thailand), bought the working interest in Block G3/48 from Mubadala Petroleum for an undisclosed sum.
The purchase is pending approvals by the government of the Kingdom of Thailand and the other Block G3/48 partners, the company said. Tap Energy (Thailand) has a 30 per cent stake in the block and Northern Gulf Oil (Thailand) Company holds the remaining 10 per cent.
The transaction will also entail KrisEnergy becoming the operator for the block, which covers 2,917 sq km in shallow waters in the northern area of the Gulf of Thailand.
The exploration block runs from north to south and stretches across sections of five separate tertiary basins: Hua Hin Basin, North Sattakut Basin, South Sattakut Basin, Kra Basin and Western Basin.