Tap holds a 30% interest in two concessions (G1/48 and G3/48) in shallow water in the northern Gulf of Thailand. These concessions are operated by Mubadala Petroleum.
Thailand is a significant producer of oil and gas in South East Asia. It has a well established regulatory and fiscal regime (Thai III) which has been in effect since 1989. Thailand is one of Asia's success stories with an economy diversified into export focused manufacturing, tourism and services. Thailand promotes open markets and foreign investment. It benefits from a manageable level of public debt, strong financial reserves and a sound banking and corporate sector.
The G1/48 concession contains Tap’s flagship project – the Manora Oil Development. The Manora discovery in late 2009 opened up a new oil play in the northern Gulf of Thailand. These concessions represent an opportunity for Tap to participate in the appraisal and development of a newly discovered oilfield and the exploration of a highly prospective Tertiary basin in a prolific hydrocarbon province.