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Mansoor Mohamed Al Hamed, Chief Executive Officer of Mubadala Energy, said that the company is currently managing assets and operations in 11 global markets, with a focus on Southeast Asia.
In an interview with the Emirates News Agency (WAM), on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2022, Al Hamed said that Mubadala Energy is the preferred partner of many governments, enabling it to engage in new markets, including in Southeast Asia, the Middle East and North Africa, and Russia.
The company has achieved a key milestone this year, by producing 500,000 oil barrels per day for the first time since its launch a decade ago, an increase of 22 per cent compared to 2021, due to several strategic projects focussing on natural gas, he added.
Mubadala Energy recently announced new natural gas discoveries in the Andaman II gas field, adjacent to the Andaman I and South Andaman fields managed by the company in Indonesia, in addition to the discovery of gas in the “Chinke-1 exploration offshore well SK320” in Malaysia.
Speaking about the company’s efforts to expand to low-emission energy sectors, Al Hamed said that the energy sector is currently witnessing changes. The petroleum product industry is facing growing pressure due to energy transition activities. The company’s new identity underscores its strategy to encourage this transition, he added.
He also pointed out that Mubadala Energy has achieved rapid growth since its launch in 2021. He highlighted its goal to become a leading international company in the area of new energy and noted that the UAE can establish a hydrogen-based economy through mutual investments with international partners.
Under this framework, the Abu Dhabi Hydrogen Alliance was launched by Mubadala, the Abu Dhabi National Oil Company (Adnoc) and the Abu Dhabi Holding Developmental Company (ADQ), in partnership with the Ministry of Energy and Infrastructure and the Ministry of Industry and Advanced Technology, to fill the investment gap in this sector, he added.
“Mubadala Energy’s blue hydrogen and carbon capture strategy will continue these efforts, as we aim to achieve our vision in the coming years by supporting innovation and cooperating with our international partners,” he further added.
Al Hamed then pointed out that the company signed a Memorandum of Understanding last year with Italy’s Eni, which aims to explore cooperation opportunities in the field of energy transition, including in hydrogen and carbon capture and storage.
The company’s non-operating assets are strategically important, based on its deep-rooted and long-term relations with host countries. Over the past decade, it has made significant progress in the development and diversification of its assets while achieving a 32 per cent increase in its annual productivity, he noted.
He added that the company’s gas production in Indonesia, Egypt, Israel and Malaysia focuses on strategic and long-term investments, which will help meet the growing demand for energy in these countries, he added.
“In Indonesia, the Ruby gas field, which we operate, has been reliably and safely providing natural gas to the local market since 2013, with the cumulative production volume of this field exceeding 250 billion cubic feet. In Egypt, we have a 10 per cent share in the offshore Shorouk Concession, which includes the Zohr gas field, achieving record production of 2.7 billion cubic feet per day, making it a major source of energy in the country and providing a third of Egypt’s domestic natural gas requirements. In Israel this year, we acquired a 22 per cent share in the Tamar gas field, which has a production capacity of more than 1 trillion cubic feet per day, providing natural gas for local use and ensuring exports to Egypt and Jordan,” Al Hamed said.
The company’s project in the Pegaga gas field in Malaysia is a pioneering one, costing $1billion, he explained and added that the project produces 500 million standard cubic feet and 16,000 barrels of condensate per day.
He also spoke about the company’s annual sustainability report for 2021, which revealed its performance in terms of sustainability and environmental, social and organisational governance standards, in line with the United Nations (UN) Sustainable Development Goals.
He then highlighted the company’s commitment to sustainability, its pledge to achieve added value, and its ability to adapt to current conditions, which it successfully proved during the COVID-19 pandemic.