Mubadala completes Pearl acquisition: Report
Thursday, May 22 2008 - 02:10 AM WIB
Abu Dhabi-based Mubadala Development Company said on Wednesday it has completed the acquisition of Pearl Energy, a Singapore-based oil and natural gas exploration and production company, from Aabar Energy.
Mubadala did not unveil the price it had paid to acquire Pearl. However, the Chief Financial Officer of Aabar, Mohammad Badawy Al Husseiny, told Gulf News that the value of the transaction was $833.3 million.
Pearl holds participating interests in 21 contract areas in Indonesia, Thailand, the Philippines and Vietnam and has a net production of approximately 19,000 barrels of oil per day at the end of 2007.
In Indonesia, Pearl has interest in Tungkal PSC, Jambi JOB-EOR, Bulu PSC, Salawai Basin Block, Salawati Island Block and Sebuku PSC.(*)