Mubadala Petroleum has changed its name to Mubadala Energy, reflecting the company’s energy transition commitments and its gas-weighted portfolio.
The name change matches a number of similar moves from other companies, including QatarEnergy and TotalEnergies.
“Today we have become Mubadala Energy,” the company CEO Mansoor Mohamed Al Hamed said at an event.
“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,” he said.
“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.”
Gas moves
Mubadala reached 500,000 barrels of oil equivalent per day this year, up 22% from 2021. About 70% of its production is gas.
The company took a decision to shift into natural gas in 2017 as a bridge fuel. As part of this shift, it bought into Egypt’s Zohr field and recently acquired a 22% stake in Israel’s Tamar field.
Mubadala also operates the Pegaga gas field in Malaysia, which recently reached first gas. It is producing 500 million cubic feet per day of gas and 16,000 bpd of condensate.
In recent months, Mubadala has also made gas finds in Asia, Al Hamed said. “through partnership and collaboration we have expanded into new markets,” he continued.
The company plans to consider new investments in areas such as blue hydrogen and carbon capture.
“Mubadala, and Mubadala Energy, are central players in the energy transition challenge,” said Mubadala Investment CEO Khaldoon Khalifa Al Mubarak.
“The stakes couldn’t be higher,” said Al Mubarak.