Aabar Petroleum Investments Company PJSC announced that its wholly owned subsidiary, PEARL Energy Limited, has been awarded two oil production sharing contracts (PSCs) in the Karana and Sibaru areas, offshore Indonesia, through PEARL's two subsidiary companies.

PEARL抯 wholly owned subsidiary, PearlOil (K) Limited, will hold 100 percent interest and operate the Karana PSC, which covers an area of approximately 5,390 sq. km. Karana is located offshore in the Makassar Straits between the main islands of Kalimantan and Sulawesi.

In the Sibaru concession area, PEARLOIL (Sandstone) Ltd, a wholly owned PEARL subsidiary will hold 40 percent interest and Mitra Energy, the operator, will hold the remaining 60 percent. Sibaru is located in the offshore extension of the greater East Java Basin and covers an area of 3,999 sq. km.