Mubadala Oil and Gas, the state-owned Abu Dhabi energy venture, could triple production to more than 1 million barrels per day (bpd) within about six years, equivalent to more than a quarter of the current UAE output.
The company, a unit of Mubadala Development, currently pumps more than 350,000 barrels of oil equivalent per day from its shares of oil and gas projects in 10 different countries, Maurizio La Noce, the chief executive, said yesterday.
“We are structured as an independent oil and gas company, medium-sized,” he told the Abu Dhabi 2009 conference. “We want to become the pre-eminent independent oil and gas company in the eastern hemisphere.”
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