Mubadala

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Mubadala awarded first exploration block in Oman

Mubadala Development Company, today announced that its wholly owned oil & gas subsidiary Liwa Energy Ltd (Liwa), was awarded a significant interest in a new production sharing contract area, Block 54, in southeastern Oman.

08 April 2006

Mubadala Development Company, today announced that its wholly owned oil & gas subsidiary Liwa Energy Ltd (Liwa), was awarded a significant interest in a new production sharing contract area, Block 54, in southeastern Oman.

Block 54 is immediately adjacent to Block 53 where Liwa currently holds a 15% working interest in the giant Mukhaizna Field, operated by Occidental Petroleum Corporation (OXY) of the US.

The new block, with attractive exploration potential, will enable Mubadala to further build its investment portfolio in the Omani oil & gas sector. Its close proximity to the existing infrastructure in the Mukhaizna field is regarded as an added advantage that could lead to operational synergies and further potential viable developments.

Liwa will hold a 15% working interest in Block 54 which will be operated by OXY with a 70% working interest. The Block 54 contract area is approximately 5620 square kilometers.

The remaining 15% will be held by Japan’s MITSUI, through its wholly owned oil & gas subsidiary Mitsui E&P Middle East BV.

Mubadala Development is a Public Joint Stock company, established and wholly owned by the Government of Abu Dhabi with a mission to invest in commercially-viable, strategic, industrial and commercial partnerships. The company manages a diversified portfolio of local, regional, and international investments.

International investments include the Italian luxury sport car maker Ferrari (5% stake), the Dutch fleet management giant LeasePlan Corporation (25% stake), and a stake in nine oil exploration blocks in Libya.

Locally and regionally, Mubadala Development has invested in, and developed, a number of leading projects including the first GCC cross-border natural gas project, Dolphin Energy (51% majority stake), Aldar Properties, National Central Cooling Company, Abu Dhabi Ship Building, Imperial College London Diabetes Center in Abu Dhabi, Injazat Data Systems, and Tanqia. Mubadala Development is also leading the development of the UAE University’s new campus in Al Ain City through a Public-Private Partnership initiative.