Aabar sells stake
Posted: 25 June 2007
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Abu-Dhabi's Aabar Petroleum has sold a stake in an Indonesian oil and gas block to Australian Worldwide Exploration (AWE).
The deal gives AWE a 42.5% stake in the Bulu concession in return for taking on the drilling costs of up to $12 million for the first two wells in the area off East Java , Aabar said. Drilling is due to commence in the third quarter of 2007.
Aabar will remain the operator of the Bulu field with a 42.5% stake. The remaining 15% is held by Indonesia 's Satria Energindo and Satria Wijaya Kusuma.
Aabar produces around 20,000 barrels per day of crude from fields in Thailand and Indonesia . |
