Abu Dhabi’s Mubadala Petroleum has reached 500,000 barrels of oil equivalent per day, for the first time in its history.
The company increased production by 22% from 2021. Mubadala noted its purchase of a 22% stake in Israel’s Tamar field and its stake in Malaysia’s Pegaga field.
Pegaga, which Mubadala operates, reached 500 million cubic feet per day of gas and 16,000 bpd of condensate in March.
The gas field is a key supply for Petronas’ Bintulu LNG complex, in Sarawak. The companies carried out exploration on the area in 2013-14 and took a final investment decision (FID) in March 2018.
“Not only have both projects made a significant contribution to overall production, but they also complement Mubadala Petroleum’s gas-biased strategy in line with its energy transition goals,” the company said. Gas accounts for nearly 70% of its production.
Mubadala CEO Mansoor Mohamed Al Hamed said reaching 500,000 boepd was “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.”
Al Hamed took over as CEO in February 2021.
The company noted its digital transformation work and focus on health and safety. In November last year it signed a deal with Abu Dhabi-listed Yahsat. This involved the provision of satellite services for its operated assets in Southeast Asia.
It has interests in a number of countries and it has been willing to back its aspirations with cash. For instance, Mubadala bought into Egypt’s Zohr field in 2018, paying $934mn to Eni for the 10% stake.
It also has a stake in a Russian venture with Gazprom Neft. Khaldoon Khalifa Al Mubarak, CEO of Mubadala’s parent Mubadala Investment, said in March that the company was pausing its investment in Russia.