Mubadala Petroleum, the Abu Dhabi headquartered international energy company, has announced it has reached production of 500,000 Barrels of Oil Equivalent a Day (boed) for the first time in its history, representing a 22% increase from 2021
The milestone was reached following the acquisition of a 22% stake in the Eastern Mediterranean's Tamar field, offshore Israel from Delek Drilling (now NewMed Energy), and the achievement of 500MMscf (million standard cubic feet) of gas and 16,000 barrels of condensate per day at the Mubadala Petroleum-operated Pegaga field in Malaysia. Pegaga is a key producing field supplying gas to the PETRONAS LNG complex in Bintulu, in the state of Sarawak.
Both projects complement Mubadala Petroleum’s gas-biased strategy in line with its energy transition goals, which has seen the company reach nearly 70% gas in its overall portfolio.
Mansoor Mohamed Al Hamed, CEO of Mubadala Petroleum, commented, “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.”
The company also cited initiatives in areas such as digital transformation as well as a continued focus on world-class HSSE and operational efficiency, which made an important contribution to production momentum.