Mubadala Moves Ahead with Major Oil Projects
ABU DHABI (Zawya Dow Jones), Nov. 11, 2009
Mubadala Development Co. aims to operate 50% of its crude oil production in coming years and is moving ahead with plans to boost output at its major projects, the head of its oil and gas unit said.
The Abu Dhabi government investment firm currently has a working interest of 350,000 barrels a day of oil and gas production worldwide, a figure that's set to rise over the next six to seven years, Maurizio La Noce, chief executive of Mubadala Oil and Gas, told an Abu Dhabi conference organized by London-based Middle East Economic Digest.
"We aim to operate half of what we produce," from currently operating 15% to 20% of production, La Noce said. He later told reporters this would be over a period of six to seven years.
Mubadala's exploration joint venture with ConocoPhillips (COP) in Kazakhstan could yield 1.5 billion to 3 billion barrels of oil in reserves in four years of exploration.
"We're looking at anything between 1.5 billion to 3 billion barrels of oil [reserves], if we're successful with our drilling program in the next few years," La Noce said.
Mubadala focuses its oil and gas business on the Middle East, North Africa, the Caspian region and southeast Asia.
The company's Pearl Energy unit in southeast Asia will help Mubadala triple output in the region from 25,000 barrels a day of working interest in the next 10 years, La Noce said.
In Bahrain, the Awali field, which Mubadala is developing jointly with Occidental Petroleum Corp. (OXY), is already producing, with output set to double within a few years, he added.
"We're going to increase production from the current level, double it in the next few years," La Noce said.
In Oman, production has touched 90,000 barrels a day and will reach 150,000 in the next few years, he said.
Copyright (c) 2009 Dow Jones & Company, Inc.
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