Increased by 22% compared to 2021

Mubadala Petroleum's production reaches half a million barrels of oil per day

The production of the Bejaga gas field reached 500 million standard cubic feet.

From the source

Mubadala Petroleum announced that its production reached half a million barrels of oil equivalent per day for the first time in its history since its establishment 10 years ago.

This achievement will enhance the company's position as a strategic player in the global energy sector, with an increase in production of 22% compared to the company's production for the year 2021.

In a statement yesterday, the company confirmed that it had succeeded in reaching this important stage after a number of major achievements that were recorded during the past 12 months, including the acquisition of a 22% stake in the Tamar gas field, located in the eastern Mediterranean. Off the coast of Israel, the company, Delek Drilling, now bears the name New Mid Energy, which was completed in February of this year.

In addition, in May this year, the Bejaga gas field, the flagship project operated by Mubadala Petroleum, achieved production of 500 million standard cubic feet, in addition to 16,000 barrels of condensate per day.

This comes after the company announced a successful commercial flow of gas in the Bijaga field in March of the same year.

It is a production field that mainly supplies the Petronas LNG complex, located in the Bintulu region of the Malaysian state of Sarawak.

This project was implemented by Mubadala Petroleum, from the discovery stage to the development stage to the production stage, with the support of the Malaysian Petroleum Administration and Petronas, along with a number of the company's partners and contractors, after the successful exploratory exploration campaign that extended during 2013 and 2014. , and the final investment decision reached in March of 2018.

The company indicated that in addition to the significant contribution of these two projects to increasing the total production, they also played an active role in promoting Mubadala Petroleum's strategy, which focuses on natural gas, in line with its objectives in the field of energy transformation, which led to the gas production rate reaching 70% of the company's total asset portfolio.

"We are very proud of this important achievement, which reflects our hard work and the skills that distinguish our team," said Mansour Mohamed Al Hamed, CEO of Mubadala Petroleum.

It also confirms the success of our natural gas-based strategy in growing our portfolio in key markets, creating significant value and developing long-term partnerships.

Given the vital role that natural gas plays in the transformation of the energy sector, I am particularly pleased to see the significant contribution of the gas assets we manage to increasing production.”

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