Mubadala Energy increases share of natural gas production in 2021

The company produced 430,000 barrels of oil-equivalent per day last year

Mubadala Energy registered more than 7.14 million working hours in 2021. Photo: Mubadala
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Mubadala Energy, formerly known as Mubadala Petroleum, said on Friday the share of natural gas in its total production increased to 66 per cent in 2021, from 62 per cent in 2020.

Last year, the subsidiary of Abu Dhabi’s sovereign fund Mubadala Investment Company produced 430,000 barrels of oil-equivalent per day, of which 34 per cent was crude oil, the company said in its 2021 Annual Sustainability Report, which detailed the company's impact on key environment, social and governance (ESG) parameters across its portfolio of assets.

“The effects of the Covid-19 pandemic continued to impact the world and, as a business, we maintained our adaptability to ensure we executed our operations in the safest manner for our employees and neighbouring communities,” Mansoor Al Hamed, chief executive of Mubadala Energy, said.

“This year’s sustainability report is another marker of our clear path forward as a reliable and sustainable energy provider.”

ESG standards gauge how a company serves its employees, shareholders and the environment. They have been widely adopted by companies across the world as investors demand more transparency. The Covid-19 pandemic has heightened awareness about sustainability and prompted more companies to commit to ESG principles.

About 85 per cent of high-net-worth investors in the Middle East intend to increase their exposure to ESG and sustainable investments in the future, according to a survey by Geneva-based wealth and asset manager Lombard Odier.

Eighty-one per cent of regional HNW investors said they already take ESG into account when making investment decisions, according to the survey, which polled 300 HNW investors and business owners from the UAE, Saudi Arabia, Kuwait and Oman, among others.

Mubadala Energy said it registered more than 7.14 million working hours in 2021 with a total lost-time injury rate of 0.14 and a total recordable injury rate of 0.30.

“We are proud of our track record in ensuring our robust safety culture is rigorously upheld across all our operations,” Mohammed Bahatem, senior vice president of HSSE and asset integrity management at Mubadala Energy, said.

Mubadala Energy owns assets spanning 11 countries, but its primary geographic focus is in the Middle East and North Africa, Russia and South-east Asia.

Mubadala Investment Company’s comprehensive income surged almost 70 per cent last year, driven by a sharp rise in investment returns and monetisation of assets.

The sovereign wealth fund’s assets under management climbed more than 16 per cent to $284 billion last year.

Updated: October 28, 2022, 3:01 PM
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