Mubadala Petroleum, the upstream firm owned by Abu Dhabi investment vehicle Mubadala, is on course to win an offshore gas concession license in Thailand, according to a source.

Mubadala has tied up with state-owned PTT Exploration and Production Company (PTTEP) to bid for the Erawan gas block located in the Gulf of Thailand.

Mubadala Petroleum and PTTEP submitted a joint bid for the Erawan block in September. PTTEP has made a solo bid for the Bongkot block, the other gas producing asset put on offer by the southeast Asian country’s government.

US oil and gas company Chevron and Japan’s Mitsui Oil Exploration have jointly made a competing bid for the Erawan block.

“Mubadala Petroleum is close to winning that [Erawan] block in Thailand. The results will be announced by year-end,” the source said.

Currently, US oil and gas company Chevron operates the Erawan gas block and PTTEP operates the Bongkot concession, set to expire in 2022 and 2023 respectively.

The gas fields have a combined output of 2.1 billion cubic feet a day of gas.

According to Mubadala’s website, ‘with three producing fields in operation in Thailand, Mubadala Petroleum is the country’s second largest crude oil operator in the Gulf of Thailand’.