Mubadala forms new gas venture

Mubadala Oil & Gas, a business unit of Mubadala Development Company, and International Petroleum Investment Company (Ipic), yesterday confirmed establishing a joint project, Emirates LNG, with the aim of securing additional gas supplies to meet energy demand from the UAE's growing economy. "As the Emirates LNG project develops, it is envisaged that a specific project company will be formed by Mubadala and Ipic," a statement said. The Emirates LNG project will develop a new liquefied natural gas (LNG) regasification facility on the UAE's east coast in Fujairah. The project team, drawn from Mubadala and Ipic and supported by a number of expert advisors, is already firmly established and a range of work streams is well underway. Mubadala Oil & Gas has exploration and production interests in the Middle East, North Africa, and Central and Southeast Asia. Current working interest production is in excess of 400,000 barrels of oil equivalent per day. Ipic, established in 1984, is a wholly-owned Government of Abu Dhabi company with a focus on investments in international energy and energy-related industries and strategic projects on behalf of the Government of Abu Dhabi. Ipic currently holds more than 15 investments and projects on five continents