ABU DHABI: Abu Dhabi’s Mubadala Petroleum has reached the milestone of 500,000 half a million barrels of oil equivalent a day, or boed, for the first time in its history, as the company marked a 22 percent increase in production in 2021, according to news agency WAM.
“The strategy to grow our gas weighted portfolio in key markets where we can add significant value and build long-lasting partnerships is paying off,” said Mansoor Mohamed Al-Hamed, CEO of Mubadala Petroleum.
Mubadala reached this new landmark following a number of crucial developments in the last 12 months which included the acquisition of a 22 percent stake in the Eastern Mediterranean’s Tamar field, offshore Israel from Delek Drilling.
As of May, the company’s Pegaga field in Malaysia achieved gas production of 500 million standard cubic feet and 16,000 barrels of condensate per day.
It said both these projects made a significant contribution to overall production, and they also complement the company’s gas-biased strategy in line with its energy transition goals.
