Aabar’s Pearl Oil Boosts Interest, Assumes Operatorship In Philippines Oil License
Abu Dhabi-based Aabar Petroleum says its wholly-owned subsidiary Pearl Oil has assumed operatorship of Ragay Gulf Service Contract 43 (SC43) and increased its participating interest to 64% following approval by the Philippines government of a deal with Premier Oil. Prior to the agreement, Pearl held a 42.5% participating interest in SC43. In exchange for the transfer, Pearl will carry Premier’s share of the costs of the Monte Cristo-1 exploration well, scheduled to be drilled in 4Q07. “We are delighted to take over as operator of the Ragay Gulf licence ahead of what we expect to be an exciting period of exploration drilling towards the end of the year. We will also be acquiring offshore reconnaissance seismic in November to investigate a Nido reef limestone play with the potential for large reserves,” said Chris Gibson-Robinson, Aabar’s VP Operations and VP New Ventures (Southeast Asia). Participating in the SC43 joint venture are now: Pearl Oil 64% (Operator), Premier Oil 21% and PNOC Exploration Corporation 15%. Aabar is engaged in exploration and production in southeast Asia, where its net working interest production stands at 20,000 b/d from four fields in Indonesia and Thailand.
Copyright MEES 2007.
