By OGJ editors
HOUSTON, Nov. 15 -- Shares of Aabar Petroleum Investments Co. will begin trading on the Abu Dhabi Securities Market Nov. 19 in what the company calls a first for the Persian Gulf region.
It will be the first public trading of shares in a private company conducting oil and gas operations in the region.
Aabar, which will focus on exploration and production, offered 55% of its capital in an greatly oversubscribed initial public offering last April and acquired the Abu Dhabi drilling contractor Dalma Energy in July. Since then it has added 7 rigs to the 11 units it acquired with Dalma.
Aabar Chairman Sohail Al Mazrui said the company will seek joint venture opportunities with local and international partners and noted "the expected opening up of the petroleum E&P sector in the gulf." Aabar also will pursue acquisitions.
Al Mazrui is a former general manager of Abu Dhabi National Oil Co. and secretary general of the Supreme Petroleum Council of the United Arab Emirates.
Other members of the Aabar board include Ahmed Al Sayegh, chief executive officer of Dolphin Energy; Rashed Al Suwaidi, a former director of exploration and production at ADNOC and former chairman of National Drilling Co.; Naser Al Suwaidi, chairman of Abu Dhabi Investment Co.; and Dhafer Al Ahbabi, chief executive officer of Al Ain International Group.
