KUALA LUMPUR, Sept 2 (Reuters) - Malaysia's UBG (UBGB.KL) is buying from Abu Dhabi's Mubadala Development stakes in six offshore petroleum concessions in the Gulf of Thailand, said UBG on Wednesday.
UBG was paying $19.2 million for Pearl Thailand, which via its subsidiaries, owns participating interest in the concessions that contain potential new hydrocarbon basins in the Gulf of Thailand, UBG said in a statement.
UBG is buying Pearl Thailand from Pearl Energy, a wholly owned unit of Mubadala, which is the investment arm of the Abu Dhabi government, said the Malaysian firm
Pearl Energy has launched a drilling programme across the blocks which covers a total area of 83,200 square kilometers of under-explored acreage, said UBG.
The production period is for 20 years from the expiry of the exploration period, it said.
UBG is controlled by the family of the chief minister of eastern Sarawak state. The company has in recent years ventured into the construction and water utility sectors after disposing of its stake in Malaysian lender RHB (RHBC.KL) in 2007.
(Reporting by Soo Ai Peng; Editing by Niluksi Koswanage)
source: www.reuters.com
