Mubadala Petroleum reaches milestone of 500,000 boed

ABU DHABI, 1st June, 2022 (WAM) -- Mubadala Petroleum today announced it had reached half a million Barrels of Oil Equivalent a Day (boed) for the first time in its history. This achievement further establishes the company as a strategic player in the international energy sector and marks a 22 percent increase in production from 2021.

The landmark was reached following a number of significant developments in the last twelve months, including the acquisition of a 22 percent stake in the Eastern Mediterranean's Tamar field, offshore Israel from Delek Drilling (now NewMed Energy).

As of May this year, the Mubadala Petroleum operated Pegaga field in Malaysia has achieved gas production of 500 MMscf (Million standard cubic feet) and 16,000 barrels of condensate per 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 the Malaysia's state of Sarawak.

Mubadala Petroleum took the project from discovery to development and into production with the support of PETRONAS, our partners, and contractors following a successful exploration drilling campaign in 2013-14 and 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. This focus has seen the company reach nearly 70 percent gas in the overall portfolio.

Mansoor Mohamed Al Hamed, CEO of Mubadala Petroleum, commented, "We are extremely proud to have reached this milestone, which reflects 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."

The company also cited initiatives in digital transformation and a continued focus on world-class HSSE and operational efficiency, which made an important contribution to production momentum.