Another important element of the company’s new strategic drive has been a gradual pivot towards gas as a key bridge fuel to a lower carbon future. Many steps have been taken in this direction, including:

• The 2018 acquisition of a 10 per cent participating interest in Egypt’s Zohr gas field within the Shorouk Concession,
• The 2021 acquisition of a 22 per cent stake in the Tamar gas field, offshore Israel, from Delek Drilling for a value of $1.025 billion.
• Commencement of production from Pegaga gas field in Malaysia, designed for gas throughput of 550 million standard cubic feet of gas per day plus condensate.
• The recent discovery of a 390-foot gas column following the drilling of the Timpan-1 exploration well offshore North Sumatra, Indonesia.

With demand for gas increasing across the South-East Asia region, the gas discovery in Indonesia has the potential to help meet energy demand in this dynamic and fast-growing market. Altogether, these discoveries are complementing Mubadala Energy’s gas-biased portfolio strategy in line with its energy transition goals.

With all these considerations in mind, Mubadala’s strategic focus on gas as a key bridge fuel in the energy transition is just one leg in a long journey towards the UAE’s overarching Net Zero goals by 2050, a journey that reflects our ambition for the future as a long-term investor.