Mubadala Petroleum hits production milestone of 500,000 boed

Mubadala Petroleum, the Abu Dhabi headquartered international energy company, announced on Wednesday it has reached half a million barrels of oil equivalent a day (boed) for the first time in its history.

The milestone marks a 22 per cent increase in production for Mubadala from its 2021 levels.

The new production landmark follows a number of significant developments in the past year for Mubadala Petroleum, including the acquisition of a 22 per cent stake in the Eastern Mediterranean's Tamar field, offshore Israel from Delek Drilling (now NewMed Energy), the company said in a statement.

“We are extremely proud to have reached this milestone which is a reflection of the hard work and deep capabilities of our people,” Mansoor Mohamed Al Hamed, CEO of Mubadala Petroleum, said in a statement.

“The strategy to grow our gas weighted portfolio in key markets where we can add significant value and build long-lasting partnerships, is paying off. And as a vital bridge fuel in the energy transition, I am particularly pleased to see our gas assets making a major contribution to this production achievement,” he added.

In May, the Mubadala Petroleum operated Pegaga field in Malaysia achieved gas production of 500 million standard cubic feet (MMscf) and 16,000 barrels of condensate per day.

The increased output follows the company’s announcement of successful gas production at Pegaga in March this year, which is a key producing field supplying gas to the Petronas LNG Complex, in Bintulu, in Malaysia’s Sarawak.

Mubadala Petroleum took the project from discovery to development and into production with the support of Petronas, its partners, and contractors following a successful exploration drilling campaign in 2013-14 and final investment decision (FID) in March 2018, the company said.