Mubadala Petroleum’s output reaches a record 500,000 barrels of oil equivalent a day

Mubadala Petroleum has announced that its total production has reached a half a million barrels of oil equivalent a day (boed) for the first time in its history.

This achievement marks a 22 per cent increase in the production from 2021.

Mansoor Mohamed Al Hamed, CEO of Mubadala Petroleum, said: “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. And as a vital bridge fuel in the energy transition, I am particularly pleased to see our gas assets making a major contribution to this production achievement.”

The achievement is preceded by other significant developments in the last twelve months, including the acquisition of a 22 per cent stake in the Eastern Mediterranean’s Tamar field, offshore Israel from Delek Drilling (now NewMed Energy).

As of May this year, the Mubadala Petroleum-operated Pegaga field in Malaysia has achieved gas production of 500 MMscf (Million standard cubic feet) and 16,000 barrels of condensate per day.

The company also announced successful gas production at Pegaga in March this year, which is a key producing field supplying gas to the Petronas LNG Complex, in Bintulu, in Malaysia’s state of Sarawak.

Read: Mubadala Petroleum starts gas production from Malaysia’s Pegaga field

Mubadala Petroleum took the project from discovery to development and into production with the support of Petronas, our partners, and contractors following a successful exploration drilling campaign in 2013-14 and final investment decision in March 2018.

Both projects have made a significant contribution to overall production and complement Mubadala Petroleum’s gas-biased strategy in line with its energy transition goals. This focus has seen the company reach nearly 70 per cent gas in the overall portfolio.