Abu Dhabi's Mubadala Energy aims to double output over the next decade, with natural gas accounting for about 70 per cent of its portfolio, its acting chief executive has said.
Mubadala Energy, a unit of Abu Dhabi's sovereign wealth fund, is exploring investment opportunities in the natural gas value chain, with a number of ventures forged to boost the portfolio, Adnan Bu Fateem told state news agency Wam.
The company currently produces around 450,000 barrels of oil equivalent per day, on a working interest basis, according to its website.
The company's priority will be translating its strategy. into “disciplined growth and reliable operational performance” to meet rising energy demand, he said. That would “deliver sustainable value to its shareholders and the countries in which it operates”, Mr Bu Fateem was quoted as saying.
Mubadala Energy currently operates in 10 countries and runs upstream projects in Malaysia and Indonesia, as well as non-operated investments in eight countries.
It has seven producing assets across South-East Asia, the Middle East, the Eastern Mediterranean and the US.
In Asia, the company operates the Pegaga gasfield in Malaysia, where it recently expanded production capacity, while in Indonesia it is accelerating the Tangkulo deepwater natural gas development, building on its exploration presence in the Andaman Sea.
In May, Mubadala Energy and its partners started full construction of their $13 billion Caturus Commonwealth liquefied natural gas project in Louisiana state. Planned capacity was recently increased to 16 million tonnes per year, from an original 9.5 million tonnes.
The company also boosted its position in Egypt by completing the acquisition of a 15 per cent stake in the Nargis Offshore Area, complementing its existing investments in the Zohr and Nour concessions.
Mr Bu Fateem said these investments reflect Mubadala Energy's strategy of “pursuing growth through strong partnerships and clear routes to market, while building a more integrated and resilient portfolio”.
The diversification presented by its geographical strategy has allowed the company to balance producing assets, development projects and exploration opportunities, he added.
Across its exploration and production portfolio, Mubadala Energy is seeking to improve operational reliability, reduce downtime and emissions, and use predictive maintenance technology and real-time data to support decision-making, the report said.
“The company is entering a phase focused on converting recent discoveries and investments into producing projects that can provide reliable long-term energy supplies,” Mr Bu Fateem said.
