Mubadala Petroleum to expand its strategy across the whole gas value chain

Abu Dhabi’s Mubadala Petroleum has entered its tenth year and 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.

The company became an independent entity from Mubadala’s energy unit in 2012 and 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), marking a 22 per cent increase in production from 2021.

Commenting on this important milestone, Musabbeh Al Kaabi, Chief Executive Officer of UAE Investments at Mubadala and Chairman of Mubadala Petroleum, said: “Over the last ten years, Mubadala Petroleum has transformed into a major player on the international energy stage. With a strongly gas-biased portfolio and a strategy that positions the company to realize opportunities in new energy sectors, Mubadala Petroleum is well aligned to our energy transition strategy.”

Mansoor Mohamed Al Hamed, CEO, Mubadala Petroleum, commented: “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.”

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 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.