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Mubadala oil & gas signs development & production sharing agreement with Petronas

The Prime Minister of Malaysia visited Mubadala Development Company on eve of signing

15 January 2010

The Prime Minister of Malaysia visited Mubadala Development Company on eve of signing

Mubadala Oil & Gas today signed a Development and Production Sharing Agreement (DPSA) with Petroliam Nasional Berhad (PETRONAS) for. This comes after the Malaysian government awarded Mubadala Oil & Gas with block SK320, located offshore Sarawak, Malaysia.

Block SK320 covers over 2 kilometers and contains existing gas discoveries as well as a range of gas exploration potential. Mubadala Oil & Gas will operate the block with 75% share in equity while PETRONAS will operate the other 25%.

“We are very pleased to award this block to Mubadala Oil & Gas,” said Dato’ Seri Mohammed Najib bin Tun Abdul Razak, Prime Minister of Malaysia. “Mubadala has proven itself time and again through its projects and developments. We hope to continue our fruitful relationship for many years to come.” Dato’s Seri Razak visited Mubadala Development Company and it business units along with other Abu Dhabi companies during his official tour.

“We are delighted of the successful outcome with PETRONAS and the government of Malaysia and its people,” said Maurizio La Noce, Chief Executive Officer, Mubadala Oil & Gas. “Our collaboration with PETRONAS is in line with Mubadala’s strategy of developing a top of the line international oil and gas unit focused on exploration and development projects in the Middle East, North Africa, Central and South East Asia,” he added.

This is Mubadala Oil & Gas’s first project in Malaysia, but not in the region. Mubadala Oil & Gas has existing production and exploration activities in Indonesia, Thailand, Vietnam, and the Philippines as a result of acquiring Pearl Energy, a Singapore-based oil and gas company. Development activities on SK320 will commence in 2010 and will span over a 5 year period.

“We have always been very fond of Abu Dhabi’s business practices,” said Tan Sri Mohammed Hassan Marican, Chief Executive Officer of PETRONAS. “From our side, this deal introduces a new proven operator to the Malaysian oil and gas scene and we hope it strengthens our ties with the Abu Dhabi government and Mubadala.”

Notes to Editors

About Mubadala Development Company

Mubadala Development Company (Mubadala) is a catalyst for the economic diversification of Abu Dhabi. Established and owned by the Government, the company’s strategy is built on the management of long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate.

Mubadala brings together and manages a multi-billion dollar portfolio of local, regional, and international investments. The company partners with leading global organizations to operate businesses across a wide range of industry sectors including aerospace, energy and industry, healthcare, information communications and technology, infrastructure and real estate. By doing so, Mubadala accomplishes its mission to expand the economic base of the Emirate and contribute to the growth and diversification of the Abu Dhabi economy.

Mubadala Oil & Gas is a business unit within Mubadala that pursues acquisition, exploration and development opportunities in the Middle East, North and West Africa, and Central and Southeast Asia. Its portfolio of assets include Pearl Energy, a wholly-owned subsidiary of Mubadala that operates in four Southeast Asian countries, and exploration and production activities in Algeria, Libya and Oman.

Current net working interest production from its participating interests in Dolphin Energy, the Mukhaizna field and Pearl Energy is approximately 266,000 barrels of oil equivalent per day (BOEPD).

For more information about Mubadala, its partnerships and activities please visit http://www.mubadala.ae

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