Mubadala Energy Launched
- New brand for Mubadala Petroleum in line with its 2030 strategy to play a key role in the energy transition
- Mubadala Energy will expand across the gas value chain, while exploring investment opportunities in new energy sectors such as blue hydrogen and carbon capture
Abu Dhabi, 6th September, 2022: Mubadala Petroleum, the Abu Dhabi headquartered international energy company, has unveiled its new brand name: Mubadala Energy.
The new brand reflects a fresh strategic direction which will see Mubadala Energy build on its contribution to the energy transition by expanding its gas-weighted portfolio in areas such as LNG while exploring new energy sectors including blue hydrogen and carbon capture. The strategy also sees a strategic focus on decarbonizing the business while driving innovation and technology across all operations.
Commenting on this key milestone, Musabbeh Al Kaabi, Chief Executive Officer of UAE Investments at Mubadala Investment Company and Chairman of Mubadala Energy, said: “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.”
Mansoor Mohamed Al Hamed, CEO, Mubadala Energy, commented: “We are tremendously proud of what we have achieved since we were founded ten 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.”
Making the change in its tenth year of operations, the company has continued to grow and now spans eleven 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.
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 realize 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.
The company will continue its commitment to making a positive impact on the communities it operates in, as a long-term and responsible partner, including:
- Managing its shareholder’s interest in Dolphin Energy, a foundational asset for the Mubadala Investment Company portfolio (Mubadala)
- Its operated business in Southeast Asia including the Ruby gas field in Indonesia which recently achieved cumulative gas production over 250 billion cubic feet, the Jasmine field in Thailand which has recorded over 85 million barrels of cumulative production, and Nong Yao and Manora which have both achieved over 20 million barrels of cumulative production
- Growing its community investment activities year on year across education, environment, community development and employee engagement, so that in 2021, 142,000 people benefitted from projects; a 63% increase from 2020. During the global COVID-19 pandemic Mubadala Energy stood by the communities by supporting the government and front-line workers with a wide range of practical measures and donations
- Launching a Sustainability Report in 2020 and setting out a clear sustainability framework in its 2021 edition
- Achieving top quartile HSSE performance
- Introducing a digital transformation strategy to ensure innovation and technology leadership is at the heart of operations
- Investing in people to develop homegrown talent, enabling Emiratization to reach 61 per cent in Abu Dhabi and 96 per cent nationalization across the company’s offices in Southeast Asia.