Mubadala Petroleum has rebranded to Mubadala Energy with its gas-weighted portfolio presenting a strategic focus in areas such as LNG while exploring new energy sectors including blue hydrogen and carbon capture.
The Abu Dhabi-headquartered international energy company’s strategy also sees an emphasis on decarbonizing the business while driving innovation and technology across all operations, a report said.
Musabbeh Al Kaabi, Chief Executive Officer of UAE Investments at Mubadala Investment Company and Chairman of Mubadala Energy, commented: "Mubadala Energy has earned its place as a major player on the international energy stage. This new brand identity accurately reflects the business's next phase of growth aligned with the energy transition through a gas-leaning portfolio and an increased focus on more sustainable energy sectors."
Mansoor Mohamed Al Hamed, CEO of Mubadala Energy, said in an interview to WAM: "The company has reached a key milestone after a decade of development, which necessitated the launch of a strategy and a brand identity, in line with recent developments. 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."
Energy transition is a key opportunity for the company, in light of the growing demand for natural gas. It constitutes 70% of the company's production and could contribute to meeting growing demand, he added.
“Building on the company's extensive experience in the field of natural gas, which is a key source in the low-carbon future, we believe that we can expand in gas value chains and explore new energy sectors,” Al Hamed said.
The company is exploring new opportunities by cooperating closely with its partners, as it seeks to enhance its stature in strategic markets, he said, referring to its Pegaga gas field in Malaysia, which recently commenced its first commercial gas production, hitting the production milestone of 500 mmscf (million standard cubic feet) and 16,000 barrels of condensate per day shortly after.
The company’s total assets increased by 55% while its production increased by 32%, he said. This year, the company has succeeded in reaching half a million barrels of oil equivalent a day for the first time in its history, recording a 22% increase in production compared to 2021, he noted.
Making the change in its tenth year of operations, the company has continued to grow and now spans eleven markets, employing over 500 people.
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% participating interest in Egypt's Zohr gas field within the Shorouk Concession, and the more recent investment to acquire a 22% stake in the Tamar Gas field, offshore Israel.
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); and 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.