15
COVER STORY
oilandgasmiddleeast.com AUGUST 2019
the Makassar Strait and in the Andaman
fields.
Another milestone achieved at the start
of the year was our first gas project in
the largest economy of South East Asia,
Thailand’s Erawan field, where MP has
worked tirelessly to establish itself as
one of the largest crude oil producers
while operating three prolific oil fields.
MP’s global gas portfolio also includes
the development of Pegaga gas field in
Malaysia.
Southeast Asia continues to be a core
region of our operated activities where
we have developed a track record of safe
and efficient operations. In the MENA
region, our crown-jewel assets include a
stake in the supergiant Zohr gas field in
Egypt, and in the Nour offshore explora-
tion block.What are some of the key milestones
from the past year for Mubadala’s pe-
troleum and petrochemicals unit?
Last year was a successful year for us
as an investor, as well as for our operat-
ing companies within the petroleum and
petrochemicals portfolio. In the past 18 to
24 months, we have seen frequent activ-
ity by several of our portfolio companies
in which we deployed substantial capital
to support their growth activities.
In upstream, Mubadala Petroleum
made further progress in the develop-
ment of the Pegaga gas field in Malaysia –
the first cut of steel was made in Decem-
ber 2018. Last year also marked Mubadala
Petroleum’s entry into Egypt through the
Shrouk and Nour concessions with Eni.
Mubadala Petroleum, in partnership with
PTTEP, was the successful bidder for the
major Erawan gas field in Thailand when
the current concession expires. These
projects are testament to our commit-
ment towards building a significant pro-
portion of gas position in our portfolio.
Investments in oil production with
very cost effective development and op-
erating costs were added through OMV
and Cepsa’s new interest offshore AbuDhabi, and in Russia through Mubadala
Petroleum’s JV with RDIF in partnership
with Gazpromneft.
In the downstream segment, Borealis
and NOVA Chemicals teamed up with
Total in the US Gulf Coast to pool their
respective technologies, market positions
and operating experience to leverage
access to competitively priced feedstock;
they combined existing facilities with the
planned construction of a new ethane
cracker and polyolefins plant in Texas,
USA.
Here in the UAE, we play an active
role in supporting the development of
Abu Dhabi’s downstream capabilities,
particularly through the Borouge JV
and by promoting the development of
the Cepsa’s LAB technology in a Ruwais
based facility, a project for which the
FEED contract was recently awarded.
Through our partnerships and invest-
ments, we are continuing to create value,
deliver strong financial returns to our
shareholder, bring technology and oper-
ating experience to the UAE, and provide
development opportunities for our young
professionals in the context of our global
portfolio of industry leading businesses.Mubadala Petroleum is the investment company’s production company