Abu Dhabi: Abu Dhabi-based Aabar Petroleum Investments Company PJSC yesterday announced that its wholly owned subsidiary, Pearl Energy Limited, has been conditionally awarded the petroleum contract for Block G2/48 in the northern section of the Gulf ofThailand.

Pearl Oil Offshore Ltd will hold 100 per cent interest in Block G2/48 and will be the operator. The block covers an area of 19,040 square kilometres and is located to the immediate north of the PEARL-operated Block B5/27, which contains the Jasmine oil field and accounts for approximately half of the group's total daily net working interest in oil production.

"Block G2/48 is under-explored with only limited seismic data, but it offers several potentially interesting leads given its position at the northernmost part of the Pattani Basin and with the East Kra Basin to the west. This concession significantly enhances our exploration portfolio in Thailand where we have enjoyed continuing success with the Jasmine development," said Chris Gibson-Robinson, Pearl's Chief Operating Officer.

Pearl is a Singapore-based oil and gas company engaged in exploration, development and production of oil and gas resources.

Since the group's first acquisition in 2002, it has built up a portfolio of exploration, development and production assets in 11 contract areas.