Aabar Petroleum Investments Company (Aabar) has appointed oil industry veteran David Woodward as chief executive officer of the company.
Woodward took charge today.
Woodward has a total of 36 years of global oil industry experience including tenures in Abu Dhabi between 1987 and 1991 when he was the deputy general manager of Adma-Opco (Abu Dhabi Marine Operating Company) and during 1991 – 94 as the general manager of Adco (Abu Dhabi Onshore Operating Company).
Prior to his appointment as Aabar CEO, Woodward was president of BP Azerbaijan and oversaw oil and gas investments of $20 billion in the Caspian. He has also served in various senior-level positions in Moscow, Alaska, Aberdeen as well as in supervisory and engineering roles in London and Norway.
Aabar’s chairman Sohail Al Mazrui said Woodward’s appointment will enable the company to pursue its global exploration and production (E&P) goals with renewed vigour.
“We are confident that David Woodward will provide quality leadership for Aabar and its subsidiaries and play a key role in integrating our operations and management. He comes in at a crucial stage when Aabar is poised for further growth in oil and gas exploration and production,” he said.
“Aabar has made considerable progress over the last two years since it was established. I look forward to working with the Board in steering Aabar – a company with a strong management team, access to capital and global ambitions – to greater heights in the coming years”, said Woodward.
Aabar makes $25m net profit
Aabar Petroleum Investments Company (Aabar) has recorded a net profit of Dh92.84 million ($25.27 million) on revenues of Dh934.64 million for the year ended December 31, 2006.
Earnings per share were Dh10 fils. In 2005, Aabar's net profit was Dh608 million primarily due to the extraordinary income resulting from interest of Dh606 million gained on receipts from Aabar's IPO.
'2006 was an eventful and a very successful year for Aabar and I am pleased with the company's performance. We entered the E&P (Exploration & Production) sector by completing the acquisition of Singapore-based Pearl Energy in August 2006,' said chairman of Aabar Sohail al Mazrui.
'This move has provided a considerable boost to Aabar with revenues as well as operating profit recording outstanding growth during the year.'
As compared to 1.8 billion in 2005, Aabar's total assets in 2006 grew to Dh4.5 billion. Operating profit increased significantly to Dh212 million in 2006 from Dh3 million in the last financial year as a result of operations from Aabar's subsidiaries, Dalma and Pearl Energy.
Pearl Energy, which currently produces oil from onshore and offshore operations in Indonesia and Thailand, has recorded strong growth and has been awarded additional exploration contracts in Thailand since its acquisition by Aabar.
In the January-December 2006 period, Aabar's subsidiary Dalma Energy also achieved significant growth and doubled its rig fleet to 22. Currently Dalma operates in Saudi Arabia, Oman, Qatar and India.
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