Aabar Petroleum Investments Company PJSC (Aabar) today announced that its Singapore-based subsidiary, Pearl Energy Limited (Pearl), has achieved a significant milestone with production at its Jasmine oil field exceeding 20,000 barrels of per day (bpd).
Congratulating Pearl on its achievement, David Woodward, CEO of Aabar said; "Pearl continues to perform excellently and has been an outstanding example of the strategic investments Aabar will choose to make in building its E&P business”. Pearl Energy was acquired by Aabar in August 2006.
Pearl’s Jasmine oil field is located in Block B 5/27 in the Gulf of Thailand and covers an area of 1,931 sq. km and produces oil at two platforms. The increase in production follows the commissioning of Platform B of the field on January 22 this year. From an initial rate of 2,300 bpd, production has now climbed to about 12,000 bpd from six development wells on the platform. Platform A, which came on stream in June 2005, currently averages 8,200 bpd and had produced 5.3 million barrels by the end of 2006.
Pearl's oil output will get a further boost in a few months' time from now when Platform C will be ready for development drilling.
“We are extremely satisfied with the performance of the initial phase of the Jasmine B development. The planning and execution of the construction and drilling programs has been second to none thanks to the expertise of our technical team”, said Chris Gibson-Robinson, Chief Operating Officer of Pearl.
“Production at Platform A continues to surpass our expectations and we look forward to the installation of Platform C in the coming months,” he added.
Pearl is reviewing the commercial viability for two additional production platforms in and around the Jasmine Production Area following a successful 14-well exploration program in the first half of 2006.
Background:
Aabar:
Aabar Petroleum Investments Company was established in 2005 and is a public joint stock company listed on the Abu Dhabi Securities Market. The acquisition of existing companies with a proven track record in the oil and gas sector is at the centre of Aabar’s growth strategy. Aabar has made considerable progress in implementing this strategy, and has two subsidiaries currently: Oman-based Dalma Energy which is focused on drilling operations and Singapore-based Pearl Energy, which is engaged in E&P (Exploration & Production). Aabar completed its acquisition of Dalma in 2005 and Pearl Energy in August 2006. As the first listed oil and gas company in the Middle East, Aabar is ideally positioned to be the oil and gas industry leader in the region and offers a premium investment opportunity.
PEARL
PEARL Energy Limited is a wholly owned subsidiary of Aabar and is engaged in exploration, development and production of oil and gas resources. Pearl was acquired by Aabar in 2006.
Since 2002, PEARL has built up a portfolio of exploration, development and production assets in 15 contract areas covering 92,454 sq. km of gross acreage in Indonesia, Thailand and the Philippines.
