Annual Report 2010
Energy
Through Mubadala Oil & Gas, Mubadala Energy delivered net income well in excess of budget during 2010. Steady production was boosted by sustained high oil prices, higher gas sales from Dolphin, and lower costs. Working interest production in 2010 amounted to 139.4 million barrels of oil equivalent – all with no lost time, injuries, or spills greater than one barrel in operations directly managed by Mubadala.
Production from Dolphin and Mukhaizna was on target for the year, and although Tatweer gas sales were below budget, there was no material impact on income. Tatweer oil achieved record monthly production in December.
In Southeast Asia, excellent performance from the Jasmine field drove regional production higher than expected.
Mubadala acquired its first interest in Malaysia with the signing of the SK320 Production Sharing Contract with Petronas in February. Mubadala Oil & Gas is the operator and holds a 75 percent working interest.
Exploration continued across a wide geographic spread. The first well in N-Block Kazakhstan was completed and encountered encouraging levels of oil and gas, although further work is needed to assess commercial viability. Excellent progress was made in evaluating and testing the multiple gas discoveries in Block 62 Oman in preparation for integrated development. In the Gulf of Thailand, study of development options continued for the Manora, Nong Yao, and Wassana discoveries.
Development of the Ruby field within the Sebuku PSC in the Makassar Straits off Indonesia is due to be sanctioned in early 2011. Mubadala operates Ruby through the Pearl organization. An amendment to the PSC was agreed in 2010 that will underpin the commercial viability of the development.
Mubadala Oil & Gas chief executive, Maurizio La Noce, was named ‘Man of the Year’ by the publishers of Oil & Gas Year in recognition of his outstanding contributions to the development of Abu Dhabi’s energy sector.
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