Mubadala Petroleum rebrands to Mubadala Energy
New brand name in line with 2030 strategy to play a key role in the energy transition
Abu Dhabi-headquartered energy company Mubadala Petroleum has rebranded to Mubadala Energy, it said on Tuesday, a strategic change that points to the company’s expanding portfolio into new sectors such as blue hydrogen and carbon capture.
“Mubadala Energy has earned its place as a major player on the international energy stage. This new brand identity accurately reflects the business in its next phase of growth aligned with the energy transition through a gas-weighted portfolio and an increased focus on more sustainable energy sectors,” said Musabbeh Al Kaabi, CEO of UAE Investments at Mubadala Investment Company and Chairman of Mubadala Energy.
Making the change in its 10th year of operations, the company now spans 11 markets, employing over 500 people. This year Mubadala Energy also reached the significant production milestone of 500,000 barrels of oil equivalent a day (boed) for the first time in its history, marking a 22 per cent increase in production from 2021.
Mansoor Mohamed Al Hamed, CEO, Mubadala Energy, said: “We are tremendously proud of what we have achieved since we were founded 10 years ago. But today is the right time to signal our focus on energy transition through a bold new brand. We are building on a track record which has seen significant growth through an expanding gas portfolio, and with our deep capabilities and strong partnerships around the world we are well positioned to embark on a new chapter in our story as Mubadala Energy.”
In 2017, Mubadala Energy shifted its strategy to natural gas as a key bridge fuel in the energy transition. This strategic pivot saw the company realise key projects such as the acquisition of a 10 per cent participating interest in Egypt’s Zohr gas field within the Shorouk Concession, and the more recent investment to acquire a 22 per cent stake in the Tamar Gas field, offshore Israel. Other major gas projects include Mubadala Energy’s operated Pegaga gas field in Malaysia, which recently achieved first commercial gas, hitting the production milestone of 500 MMscf (million standard cubic feet) and 16,000 barrels of condensate, per day.
Mubadala Energy is a wholly-owned subsidiary of Mubadala Investment Company, which is owned by the government of Abu Dhabi. The company’s portfolio is almost 70 per cent gas, with a working interest production in 2021 of approximately 430,000 barrels of oil equivalent per day.
Key projects
In 2017, Mubadala Energy acquired a 10 per cent participating interest in Egypt's Zohr gas field within the Shorouk Concession. It has also acquired a 22 per cent stake in the Tamar Gas field, offshore Israel.
Other major gas projects include Mubadala Energy-operated Pegaga gas field in Malaysia.
It also manages a shareholder's interest in Dolphin Energy, and operates the Ruby gas field in Indonesia, the Jasmine field in Thailand, among others.