Aabar Petroleum Investments Company PJSC (Aabar) yesterday announced that its wholly owned subsidiary, PEARL Energy Limited (PEARL), has been awarded two oil production sharing contracts (PSCs) in the Karana and Sibaru areas, offshore Indonesia, through PEARL's two subsidiary companies.
PEARL's wholly owned subsidiary, PearlOil (K) Limited, will hold 100 percent interest and operate the Karana PSC, which covers an area of approximately 5,390 sq. km. Karana is located offshore in the Makassar Straits between the main islands of Kalimantan and Sulawesi.
"We are delighted to have the opportunity to operate Karana PSC, which lies to the north and east of PEARL's existing Sebuku block.
This enhances PEARL's exploration position within the Makassar Straits", said Chris Gibson-Robinson, PEARL's Chief Operating Officer.
In the Sibaru concession area, PEARLOIL (Sandstone) Ltd, a wholly owned PEARL subsidiary will hold 40 percent interest and Mitra Energy, the operator, will hold the remaining 60 percent. Sibaru is located in the offshore extension of the greater East Java Basin and covers an area of 3,999 sq. km.
Gibson-Robinson said: "We welcome the opportunity to work together with a new partner in Mitra and to continue to strengthen our exploration portfolio in Indonesia, where we already hold significant acreage.”
He pointed out that Indonesia was one of PEARL's core operational areas and said that the award of these concessions strengthened PEARL's portfolio and exploration potential.
"Previous work in the Sibaru area has demonstrated the presence of hydrocarbons, and this block builds on our position offshore East Java in a region where demand for oil and gas continues to grow at a rapid pace", he added. (Emirates News Agency, WAM)
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