Last month’s rebranding of Mubadala Petroleum to Mubadala Energy marks an important milestone in the company’s evolution. The rebranding fits well with Mubadala Investment Company’s aspirations to support sustainability agendas at the global level. Moreover, it signals a new strategic drive to support the UAE’s Net Zero goals by 2050.
The unveiling of the new brand ushers in a new era in Mubadala Petroleum’s history. The company has seen significant growth in size and reach since its establishment in 2012. Today it spans eleven markets and employs over 500 people. This year its production rose to 500,000 barrels of oil equivalent per day (boed) for the first time in its history, marking a 22 per cent increase in production from 2021.
This rapid growth is part of Mubadala’s efforts to ensure a stable supply of oil and gas. As an international responsible investor, Mubadala has always been keen to support the UAE's position as a world energy leader committed to safeguarding global energy security.
But it is also part of Mubadala’s mandate as a global responsible investor to ensure that gas emissions are kept to the minimum.
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:
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.