Mubadala Energy has reached key milestone after decade of development: Mansoor Al Hamed

Mubadala Energy has reached key milestone after decade of development: Mansoor Al Hamed

ABU DHABI, 6th September, 2022 (WAM) -- Mansoor Mohamed Al Hamed, CEO of Mubadala Energy, said 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.

In an interview with the Emirates News Agency (WAM), Al Hamed stressed that the company’s new brand reflects the new strategic approach aimed at boosting its contribution to energy transition by expanding its gas-weighted portfolio, which includes natural gas and liquefied natural gas, as well as other low-carbon sources, such as blue hydrogen and carbon capture.

Energy transition is a key opportunity for the company, in light of the growing demand for natural gas. It constitutes 70 percent 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.

"Over the past ten years, the company has achieved significant success in expanding its size and reach," Al Hamed said.

The company’s total assets increased by 55 percent while its production increased by 32 percent, he further added. 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 percent increase in production compared to 2021, he noted.