Business | Oil & Gas
Higher oil prices boost Aabar Energy revenues
Aabar Energy PJSC (Aabar) yesterday said its net revenues for the 12 months to December 31, 2007 totalled Dh1.6 billion, an increase of 166 per cent from Dh602 million for full year 2006 due to rising oil production from the group's continuing operations in Southeast Asia and higher oil prices.
- Staff Report
- Published: 01:28 January 31, 2008
Dubai: Aabar Energy PJSC (Aabar) yesterday said its net revenues for the 12 months to December 31, 2007 totalled Dh1.6 billion, an increase of 166 per cent from Dh602 million for full year 2006 due to rising oil production from the group's continuing operations in Southeast Asia and higher oil prices.
Operating profit rose 196 per cent to Dh580 million from Dh196 million a year ago. Aabar reports a net profit to shareholders of Dh289 million for the 2007 period, with basic and diluted earnings per share of 32 fils. The preliminary results remain subject to audit.
Dalma deal
All full-year figures have been restated to categorise drilling services division Dalma Energy LLC as a discontinued operation following Aabar's announcement on July 29 regarding the sale of the wholly-owned subsidiary. The divestment was approved by shareholders in September 2007 and has since been completed.
"The growth in the group's production this year has been particularly satisfying at a time when oil prices have been increasing. On the downside, costs associated with materials, equipment and services have increased significantly and we are focusing our efforts on controlling expenditure," said David Woodward, Aabar's chief executive.
Net oil production through Aabar's Pearl Energy subsidiaries averaged 18,898 barrels of oil per day (bpd) in the fourth quarter and 18,910 bpd over the full year from three fields in Indonesia and one producing concession in Thailand. Aabar's average realised oil price in the quarter rose to $72.86 per barrel.
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