Pearl Energy awarded block 06/94 in Vietnam
Posted: 07 August 2006
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Aabar Petroleum Investments Company has announced that its wholly owned subsidiary, Pearl Energy Limited, was among three companies who have been jointly awarded the petroleum contract for a block in Vietnam.
 Pearl Energy, Serica Energy Corporation and Lundin Petroleum AB will each hold a 33.33 per cent interest in Block 06/94 located in the Nam Con Son Basin, off Vietnam's south coast. The block which covers an area of 4,148 sq km and will be operated by Pearl.
Block 06/94 lies approximately 350 kilometres offshore and is the part of Block 06 which British Petroleum relinquished in 1994 after retaining the large Lan Tay and Lan Do gas fields for development. Lan Do commenced gas production in 2002 through a pipeline to Vung Tau, near Ho Chi Minh City.
"The new block will add to our current exploration portfolio and provides Pearl with exposure to oil and gas prospects in Vietnam, a country in which we hope to build a substantial business," Chris Gibson-Robinson, Pearl's chief technical officer was quoted as saying.
"We are pleased to mark our expansion into Vietnam with this contract. Our move to acquire this block is in accordance with our strategy to grow Aabar's portfolio of E&P assets into a global footprint", said Sohail Al Mazrui, Chairman of Aabar. Aabar acquired PEARL earlier this year for AED 1.95 billion.
During the April–June 2006 quarter, PEARL produced an average of 12,081 barrels of oil per day. The company's oil producing operations were conducted in four contracted areas of Indonesia and Thailand. |
