Mubadala Petroleum in expansion mode

By Marc Castro

Oct 28, 2013 01:55 PM EDT

Mubadala Petroleum has been looking to expand into overseas markets such as Thailand and Indonesia, as well as commence exploration work in Tanzania within 2013. Mubadala Petroleum is a wholly owned subsidirary of investment firm Mubadala.

According to Mubadala Petroleum's Maurizio La Noce, "The East African margin is clearly an attractive exploration province." This comment was made as the company had partnered with Ophir for the Tanzania stake.

He added, "There have been a number of significant gas discoveries made, which point to a highly productive basin. In Block 7 in Tanzania, having ahot a large 3D seismic survey in 2010 and additional 2D seismic last year, we expect to spud our first exploration well before the end of the year."

La Noce had said the company was seeking to utilize it experience int he Gulf of Thailand to land more work in Asia. Recently, the company was able to obtain approval for the development of an oilfield just off Thailand with its project partner Kris Energy.

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