 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.
