Mubadala Petroleum rebrands as Mubadala Energy to reflect its next phase of growth

The new brand underpins a strategic change in direction that allows the company to build on its energy transition efforts

Abu Dhabi-based Mubadala Energy in March commenced the first gas production from the Pegaga gasfield in the waters off Malaysia. Photo: Mubadala Energy
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Mubadala Petroleum, the oil and gas unit of Abu Dhabi’s Mubadala Investment Company, has been rebranded as Mubadala Energy.

The move reflects the company's focus on different sectors within the broader energy industry.

The new brand underpins a strategic change in direction that allows Mubadala Energy to build on its energy transition efforts by expanding its gas-weighted portfolio in areas such as liquefied natural gas, the company said on Tuesday.

The move also allows the company to explore new energy sectors, including blue hydrogen and carbon capture, with the aim of decarbonising the business while driving innovation and technology across all operations.

“Mubadala Energy has earned its place as a major player on the international energy stage,” said Musabbeh Al Kaabi, chief executive of UAE Investments at Mubadala and chairman of Mubadala Energy.

“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.”

Now in its 10th year of operations, the company has continued to grow over the past decade and is currently present in 11 markets.

In June, Mubadala Energy also reached the production milestone of 500,000 barrels of oil equivalent a day for the first time, a 22 per cent increase in production from 2021.

The company shifted its strategy to natural gas as a key bridge fuel in the energy transition in 2017.

The pivot allowed Mubadala Energy to acquire a 10 per cent participating interest in Egypt’s Zohr gasfield within the Shorouk Concession. It also acquired a 22 per cent stake in the offshore Tamar gasfield in Israel.

The company’s other major gas projects include the Mubadala Energy-operated Pegaga gasfield in Malaysia, which recently achieved its first commercial gas, hitting the production milestone of 500 million standard cubic feet of gas per day and 16,000 barrels of condensate.

Quote
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
Musabbeh Al Kaabi, chief executive of UAE Investments at Mubadala and chairman of Mubadala Energy

In July, Mubadala Energy said it discovered a 119-metre gas column at the Timpan-1 exploration well 150 kilometres off North Sumatra in Indonesia.

The findings in the high net to gross fine-grained sandstone reservoir are a strong signal that the adjacent Andaman I and South Andaman fields, in which Mubadala Petroleum holds an 80 per cent participating interest, will also include material underexplored resources, it said at the time.

“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,” said Mansoor Al Hamed, chief executive at Mubadala Energy.

“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.”

Updated: September 06, 2022, 11:24 AM
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