Abu Dhabi-based Mubadala Petroleum announces gas find with 'significant commercial potential'
Abu Dhabi's Mubadala Petroleum on Monday said it made a new gas discovery with significant commercial potential in Malaysia, its fourth discovery within its operating block.
Mubadala Petroleum, a unit of Abu Dhabi's investment fund Mubadala said it found substantial gas in the Pegaga well in its operating block SK320.
The four gas discoveries are in close proximity, including the original M-5 well success, Mubadala said in a statement.
"Together these discoveries represent a very significant hydrocarbon resource, with the potential for a commercially attractive, integrated development," Maurizio La Noce, chief executive of Mubadala Petroleum, said in the statement.
Mubadala Petroleum, as operator, holds a 55 percent share in Block SK320 with Petronas Carigali (25 percent) and Sarawak Shell Berhad (20 percent) holding the rest.
Mubadala Petroleum manages assets and operations spanning 12 countries with a primary focus on the Middle East, Africa, Central and Southeast Asia.