Abu Dhabi is going green with regards to energy transactions when International Mubadala Petroleum gets rebranded to Mubadala Energy last month. This transformation which is inline with their 2030 strategy, is aiming at investment opportunities in blue hydrogen and carbon capture.
With a working interest production of over 430,000 barrels of oil equivalent per day in 2021, the company’s portfolio is almost 70% gas. Blue hydrogen and Carbon capture being two valuable sustainable energy sectors can expand their gas value chain on a global scale. Their 2030 strategy also calls for a strategic focus on decarbonizing the business and driving innovation and technology across all operations. Expansion of the Gas weighted portfolio of Liquified Natural Gas is also another priority of this strategy. Mubadala group has grown steadily over the past decade and currently operates in 11 markets and a transition like this could benefit the company in many ways as they remain as a major player in the energy stage.
“We are tremendously proud of what we have achieved since we were founded ten years ago. But today is the right time to signal our focus on energy transition through a bold new brand,” says Mansoor Mohamed Al Hamed, the CEO of Mubadala Energy.
Other significant gas projects of Mubadala energy include the Malaysian Pegaga gas field run by Mubadala Energy, which recently produced its first commercial gas at a rate of 500 MMscf (million standard cubic feet) and 16,000 barrels of condensate per day. Equinor, TotalEnergies, and QatarEnergy, some main competitors of Mubadala Energy have already rebranded to reflect their focus on the energy transition.