Mubadala Petroleum celebrates a decade of growth

Company will explore opportunities in new energy sectors such as Blue Hydrogen and Carbon Capture Utilisation and Storage



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A Staff Reporter

Published: Fri 1 Jul 2022, 12:11 AM

Last updated: Fri 1 Jul 2022, 12:14 AM

Mubadala Petroleum — over the last ten years — has transformed into a major player on the international energy stage with a strongly portfolio and a strategy that positions the company to realise opportunities in new energy sectors, said Musabbeh Al Kaabi, chief executive officer of UAE Investments at Mubadala and Chairman of Mubadala Petroleum.

Al Kaabi’s statement comes at a moment when the global brand is celebrating its journey of 10 years and is well aligned for energy transition strategy.

The Abu Dhabi headquartered international energy company, has celebrated its tenth anniversary after emerging as an independent entity from Mubadala’s energy unit in 2012. Since then, the company has continued to grow and now spans eleven markets, employs over 500 people and is making a significant contribution to the energy transition through its gas-weighted portfolio and strategic focus on decarbonising its business.

Over the last ten years, Mubadala Petroleum has made significant strides in building scale and breadth, while growing and diversifying its asset base with a 32 per cent increase in annual working interest production.

Earlier this year, the company announced it had reached half a million Barrels of Oil Equivalent a Day (boed) for the first time in its history, marking a 22 per cent increase in production from 2021.

Mansoor Mohamed Al Hamed, CEO, Mubadala Petroleum, said: “This is a key milestone in our journey. Over the last decade, we have achieved significant growth, established strong and lasting partnerships with all key stakeholders and provided energy in a safe, sustainable and reliable way. I am excited about the future for Mubadala Petroleum as we focus on the energy transition and explore new energy sectors. I would like to congratulate everyone who has played their part in our journey, and I look forward to continuing these partnerships to create even more long-term value in the future.”

In 2017, the company shifted its strategy to natural gas as a key bridge fuel in the energy transition to a lower carbon future. This strategic pivot saw the company realise key projects such as the acquisition of a 10 per cent participating interest in Egypt’s Zohr gas field within the Shorouk Concession, and the more recent investment to acquire a 22 per cent stake in the Tamar Gas field, offshore Israel. Other major gas projects include Mubadala Petroleum’s operated Pegaga gas field in Malaysia, which recently achieved first commercial gas, hitting the production milestone of 500 MMscf (Million standard cubic feet) and 16,000 barrels of condensate, per day.

In its tenth year, Mubadala Petroleum has embarked on a further strategic pivot which will see the company expand its gas-biased strategy and expand across the gas value chain, in line with its commitment to the energy transition. In addition, the company’s new strategy sets out a path in which it will explore opportunities in new energy sectors such as Blue Hydrogen and Carbon Capture Utilisation and Storage (CCUS), as part of its efforts to decarbonise its operations. The company’s new strategy builds on a strong foundation of business performance, portfolio strength and a long-term commitment to making a positive impact on the communities it operate.

— business@khaleejtimes.com


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