Abu Dhabi’s Mubadala oil output up 50,000 bpd y-o-y
Bahrain, Oman projects boost oil production.
October 13, 2010 2:37 by Reuters
Abu Dhabi investment fund Mubadala’s share of oil production has risen 50,000 barrels per day (bpd) in the last year due to higher output from Bahrain and Oman, a top official said on Wednesday.
“Our working interest production is 400,000 barrels per day… it has risen 50,000 in the last year… The balance has come from Bahrain and Oman,” Maurizio La Noce, chief executive of oil and gas at the government-owned fund said on the sidelines of an industry conference in London.
La Noce said Mubadala was looking at more investments in its core working regions of the Caspian, Middle East and Africa, including potential acquisitions in Sudan.
“We are an active M&A group so we are always looking for opportunities…we are now looking at Sudan,” La Noce said.
Mubadala is fully-owned by the Abu Dhabi government. Abu Dhabi, capital of the United Arab Emirates, is investing heavily in sectors such as industry, tourism, infrastructure and real estate to diversify its economy from oil.
(Reporting by Joe Brock; editing by Elizabeth Fullerton)