Mubadala unit eyes oil opportunities in Somalia

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A unit of Abu Dhabi-based Mubadala has signed a cooperation agreement with the Somali government which could see it developing oil exploration and production opportunities in the African country.

Mubadala Petroleum said it has signed the agreement with the Ministry of Petroleum and Mineral Resources following talks between the UAE and Somali officials earlier this year.

The deal will consider ways in which the two countries might work together to further the development of the Somali petroleum sector, a statement said.

It added that over time Mubadala Petroleum could look at "developing upstream opportunities in Somalia". The upstream oil sector is also commonly known as the exploration and production sector.

Musabbeh Al Kaabi, chief growth officer, Mubadala Petroleum, said: "This strategic agreement will draw upon the great experience of Abu Dhabi in developing a world-class environment for investment in the petroleum sector and enable Mubadala Petroleum to begin a long term relationship with the Ministry to support its upstream sector."

Mubadala Petroleum is and upstream oil and gas exploration and production company, a subsidiary of Mubadala Development Company and 100 percent owned by the Government of Abu Dhabi.

Mubadala Petroleum manages assets and operations spanning 12 countries, with a primary geographic focus on the Middle East, Africa and Central and Southeast Asia.

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