Abu Dhabi-Based Firm Win Bids for the Exploration of Two Blocks

Abu Dhab, MINA – Mubadala Petroleum has set its sights on expanding in Indonesia after it won bids for the exploration of two blocks for the production of oil and gas.

Referring to an announcement made by the Indonesian Ministry of Energy and Natural Resources recently, Mubadala Petroleum said it won the bid for the exploration of the Andaman I and Andaman II blocks with Premier Oil as operator.

“Both are very much exploration blocks where there will be activities looking for oil and gas,” the company said in a statement to Gulf News without giving further details.

Mubadala Petroleum, a part of the Mubadala Investment Company, is rapidly expanding in south-east Asia with different projects in Thailand, Malaysia, Indonesia and Vietnam.

The Abu Dhabi-based company is the second-largest crude oil operator in the Gulf of Thailand, with three offshore concessions including the Jasmine, Manora and Nong Yao fields.

In Indonesia, it is active in Sebuku, which contains the Ruby gasfield, and West Sebuku. The Ruby gas field started production in October 2013 and has achieved over 65 billion cubic feet of cumulative gas production to date. West Sebuku is an exploration block.

The firm is also working on two major projects in south-east Asia, including the development of the Ca Rong Do oil and gas field in Vietnam, which has an investment of $450 million (Dh1.65 billion), and the Pagaga gas development project in Malaysia.

In a recent interaction with the media, Musabbeh Al Kaabi, the CEO of Mubadala Petroleum and Petrochemicals, said they were looking for opportunities in upstream, midstream and downstream sectors to grow their business and expand operations.

In the petrochemicals sector, the company has announced projects valued at between $5 billion and $6 billion, including two complementary projects that are expected to give it a major position in the US Gulf coast petrochemical hub.

Mubadala Petroleum produces 500,000 barrels of oil per day in its exploration and production operations, with projects in the Middle East, south-east Asia and other countries. T/RS5/RS1)

Mi’raj Islamic News Agency (MINA)