Aabar’s reports doubled net revenue, increased oil output
Posted: 07 August 2007
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Abu Dhabi-listed Aabar said the net revenues in the second quarter of 2007 climbed more than twofold to AED378 million ($103 million) from AED186 ($51 million) million in the same period a year ago following a sharp increase in the group’s oil production at its Southeast Asia operations
Operating profit jumped to AED160 million ($44 million) from AED29 million ($8 million) a year ago. Aabar reported a net profit to shareholders of AED23 million ($6 million) for the quarter.
“Oil production has almost doubled since the end of 2006 as we press on with the further development of the Jasmine field in the Gulf of Thailand , and we continue to have good exploration success,” said Sohail Al Mazrui, Aabar’s Chairman. “I am confident that Aabar now has the foundations on which to build its exploration and production business with planned expansion into the Middle East and North Africa .”
Aabar has two divisions, Oman-headquartered Dalma Energy, and Pearl Energy, which is engaged in exploration and production in Southeast Asia .
Net oil production in Pearl averaged 19,451 barrels of oil per day in the second quarter, up from 17,275 bpd in the first quarter of the year. The company brought on stream a second production platform, Jasmine B, in January at the Jasmine field in Block B 5/27 in the Gulf of Thailand . A third facility, Jasmine C, started operation in May.
Dalma added one new rig to its fleet in Saudi Arabia in April, bringing the number of operating rigs in the second quarter to 20. Two other rigs on order are expected to be delivered in the third quarter 2007 to Algeria , where they will be contracted to RepsolYFP.
Following Aabar’s announcement on 29 July 2007 regarding an agreement for the sale of Dalma pending shareholders’ approval, Dalma has been classified as a discontinued operation in the second-quarter financial report. The consolidated results for the year-ago period have been restated. Earlier Dalma, when it was a continuing operation, contributed approximately 22-23% of Aabar’s total net revenue. |
