Mon. Jan 30th, 2023

Mubadala Petroleum reaches massive milestone of 500,000 barrels of oil equivalent a day

The Abu Dhabi-based international energy company – Mubadala Petroleum – has announced today that it reached half a million barrels of oil equivalent a day (boed) – for the first time in its history.

The company’s achievement further establishes Mubadala as a strategic player in the international energy sector – jumping to a 22% increase in production from 2021 – said the company in a press release.

Mubadala’s contributions
This increase was caused by a number of important developments throughout the past year – including the acquisition of a 22% stake in the Eastern Mediterranean’s Tamar field, offshore Israel from Delek Drilling – now NewMed Energy.

As of May 2022, the Mubadala Petroleum has successfully operated the Pegaga field in Malaysia – achieving gas production of 500 million standard cubic feet (MMscf), and 16,000 barrels of condensate/day.

This is following 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 state of Sarawak – said the company.

Mubadala Petroleum took the project from discovery to development and into production with the support of PETRONAS, partners, and contractors – after the successful exploration drilling campaign in 2013-14, in addition to the Final Investment Decision (FID) in March 2018.

Both projects have made a significant contribution to the company’s overall production – complementing the Mubadala Petroleum’s gas-biased strategy and aligning with its energy transition goals – making the company reach nearly 70% gas in its overall portfolio.

“We are extremely proud to have reached this milestone which is a reflection of the hard work and deep capabilities of our people. 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.”

Mansoor Mohamed Al Hamed, CEO of Mubadala Petroleum

Mubadala Petroleum reaches massive milestone of 500,000 barrels of oil equivalent a day

This achievement further establishes Mubadala as a strategic player in the international energy sector

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