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Wed 11 Apr 2007 10:10 PM

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UAE's Aabar to drill for oil for Repsol

The Abu Dhabi-listed company has won a contract worth up to $35m to drill for oil in Algeria.

Abu Dhabi-listed Aabar Petroleum Investments Company has won a contract from Spain's Repsol worth up to $35 million to drill for oil in Algeria, Aabar said in a statement on Wednesday.

Drilling in OPEC-member Algeria will start in June this year. The contract, with fully-owned subsidiary Dalma Energy, is Aabar's first in Africa.

The first year of the contract is worth just over $23 million, with an option for a six-month extension worth just under $12 million, Aabar said.

Drilling operations will commence with the deployment of two deep drilling land rigs.

"This contract with Repsol YPF marks the expansion of our operations into Africa, a region that holds out excellent potential for growth," said Sohail Al Mazrui, Chairman of Aabar, in a statement.

Aabar also has operations in Thailand and Indonesia.

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