Aabar eyeing upcoming oil and gas tender

Aabar Petroleum Investments Company, an Abu Dhabi-based oil company, plans to take part in the oil and gas tender which will be launched by the Indonesian government later this month as part of its program to further boost the company's operation in the country.

 

Richard A. Lorentz, the company's vice president for new ventures and corporation and communication, said in Jakarta Monday that the Middle East 's first publicly listed company operating in the oil and gas sector would take part in the tender through its subsidiary Pearl Energy.

 

"As part of our expansion plan in Indonesia, we are considering to taking part in the oil and gas tender to be launched by the government later this month," he said.

 

In Indonesia, Aabar has interest in eight oil and gas production sharing contracts (PSC). Three of them have begun production including Tungkal PSC in South Sumatra (as operator) and the rest in Salawati basin, he said.

 

Lorentz said that Aabar, which is currently operating in Vietnam, Thailand and Indonesia , planned to spend up to US$70 million in oil and gas industry, of which about $30 million would be invested in exploration and drilling activities.

 

During the tender later this month, the government plans to offer 11 oil and gas blocks through a competitive bidding or regular tender and 14 blocks through a direct offer mechanism. (Bernard)