Offshore staff
Abu Dhabi -- Mubadala Development Co. has acquired the southeast Asia oil and gas E&P company Pearl Energy from Aabar Energy PJSC.
"We will leverage our current oil and gas assets, reserves and experience to establish an international exploration and production platform," says Waleed Al Mokarrab Al Muhairi, COO of Mubadala. "The Pearl transaction enhances Mubadala's profile by adding active operating capabilities. Our plans are to continue this trend with more acquisitions at a corporate and asset level."
Pearl has exploration, development, and production assets in 21 contract areas and production sharing contracts covering a gross acreage of more than 135,000 sq km (52,124 sq mi) in Thailand, Indonesia, Vietnam, and the Philippines. The company's net production was approximately 19,000 b/d of oil at the end of 2007 from three fields in Indonesia and the flagship Jasmine offshore field in the Gulf of Thailand.
Pearl plans to drill 47 development wells largely related to the ongoing expansion of the Jasmine oil field off Thailand.
05/21/2008
