The profit of Abu Dhabi’s state-owned Mubadala Petroleum slipped to $798mn (Dh2.93bn) in 2012 from $1.25bn (Dh4.59bn) in 2011. This was, in part, due to lower hydrocarbons revenue – which slipped to $1.76bn (Dh6.46bn) in 2012 from $2.04bn (Dh7.48bn) in 2011. In terms of 2012 developments in jointly controlled projects, Mubadala Petroleum – through its subsidiary, Pearl Oil Limited – offloaded 50% of its share in Block G2/48 in Thailand, which is currently in the exploration phase.

The company, also through Pearl Oil, acquired an additional interest of 10% in Block 07/03 in Vietnam’s offshore area, which is also in the exploration phase. Mubadala Petroleum was recently awarded a production sharing contract for the West Sebuku block in offshore Indonesia. Mubadala Petroleum will be the operator with a 75.5% interest, while Japanese oil company, Inpex controls the remaining interest in the block. The working interest production of Mubadala Petroleum in 2012 averaged 378,000 boe/d across its assets in 12 countries. Headquartered in the UAE, Mubadala Petroleum also has operations in Bahrain, Qatar, Oman, Libya, Tanzania, Kazakhstan, Vietnam, Thailand, Malaysia, Singapore and Indonesia. (CONTINUED - 244 WORDS)