Mubadala Petroleum

Corporate Profile
Our Vision
Through our people, partnerships and
performance, and in the communities in which
we operate, our focus is to be the leading eastern
hemisphere upstream oil and gas business.

Our Values
We believe in:

Purpose
We have a clear vision and shared purpose
We are driven by big ideas
We plan carefully
We believe in creative thinking

Passion
We inspire others with our thirst for excellence
We care intensely about the success of Mubadala Petroleum
We celebrate wins
We are tenacious

Performance
We achieve
We measure
We review
We learn

Mubadala Petroleum Corporate Profile 08/2012

Mubadala Petroleum
Order of Content

01 Our Story

03 Executive Message

05 Our Team

09 Timeline

11 Our Business

23 HSSE

25 Working with Communities

Mubadala Petroleum
Our Story
01

Our Story
Mubadala Petroleum is a young and ambitious
international, upstream oil and gas exploration
and production company. We were established
as a wholly-owned subsidiary of Mubadala
Development Company in 2012, incorporating
and building on the success of Mubadalas
existing investments in the sector.

The transformation to a subsidiary reflects the scale, operational maturity and diversity
of the portfolio we manage, which includes assets and operations at all stages of the
upstream value chain located across the eastern hemisphere. We continue to grow our
capabilities, combining significant operational experience with strong technical expertise.
These qualities build on our strong commercial acumen and the partnership-driven
approach that have been central to our business from the outset.

We are participants in a number of now function as a fully integrated

 
At the end of 2011, our
working interest production
was approximately
major projects including the world
class Dolphin Energy project, which
is central to meeting the energy
needs of the UAE; enhanced oil
recovery projects in Oman and
organization deploying our resources
where they are required and can
add most value.
Lasting partnerships, built with

400,000
barrels of oil equivalent per
day and we are now poised
to grow that still further.
Bahrain; and high impact exploration
in Kazakhstan, Tanzania and
Southeast Asia.
In Southeast Asia, where we
continue to upgrade the portfolio
inherited through the acquisition of
Pearl Energy in 2008, the company
acts as operator across an extensive
range of assets located in Thailand,
Indonesia, Malaysia and Vietnam.
In the Gulf of Thailand, we have
developed a strong track record
of safe, efficient and cost-effective
production operations.
host governments, national and
international oil and gas companies,
and the communities in which we
operate, are central to our success.
We have become an increasingly
active partner in all of our projects,
including those where we are not
the operator, and by taking a
long-term view, we maximize
the value of our investments
to the benefit of our business, our
shareholder, our business partners
and our stakeholders.

We have utilized the operating

experience from Southeast Asia
across our entire business and
 02

Our Parent Company

Mubadala Petroleum is a wholly owned subsidiary
of Mubadala Development Company (Mubadala).
Headquartered in Abu Dhabi, Mubadala is at the forefront
of Abu Dhabis growth, diversification and emergence.
It is an investment and development company with
a portfolio valued at more than US$46 billion.
Owned by the Government of Abu Dhabi, and with a
portfolio that spans a diverse range of business sectors,
Mubadala is deploying capital in those sectors and
geographies that hold exciting potential, and promise
tangible returns for its partners and stakeholders.
The company, which holds shares in a number of
leading multinationals such as GE, EBX Group and
AMD, has one of the best credit ratings in the Middle
East and is recognized for its ongoing commitment
to the highest levels of transparency and adherence
to robust corporate governance practices.

Mubadala Petroleum, manages activities spanning the eastern hemisphere.

Kazakhstan

Libya

Bahrain
Qatar
Oman
United Arab Emirates
Abu Dhabi (Headquarters)

Thailand
Vietnam

Malaysia
Singapore
(Asia Headquarters)

Tanzania
Indonesia
Mubadala Petroleum
Executive Message
03

Executive Message

Maurizio La Noce
Chief Executive Officer

The launch of Mubadala Petroleum marked the beginning of a new chapter in the development
of Mubadalas oil and gas business.

We have enjoyed an extraordinary story so far, from our beginnings as the catalyst for the
Dolphin project, through the incorporation of Pearl Energy into our organization, and now
to the new fully-fledged exploration and production business we have become.

Our challenge now is to build on that legacy, and deliver
our aspiration to become the leading eastern hemisphere
exploration and production company, while maintaining
the very distinctive position we hold in the market
as a truly international, nationally-owned oil and
gas company.
We are building from a strong base. Our working
interest production reached more than 140 million
barrels of oil equivalent per annum in 2011.
Most importantly, both our safety record and
environmental performance have been excellent
while achieving our business goals, which are
being driven through our balanced portfolio of
production, development and exploration assets.
In December 2011, the Dolphin asset recorded cumulative
production of three trillion cubic feet of gas, while in
Southeast Asia, the Jasmine field continues to exceed
annual production targets, and has achieved its
40 millionth barrel of cumulative crude oil production.
In Bahrain and Oman respectively, Tatweer gross oil
production is well above the baseline targets established
at the time of contract award, while the Mukhaizna oil
field has implemented an extensive steam flood to
grow oil production to around 120,000 barrels per day.
Active progress is being made with a number of
development projects. In Indonesia, we are managing
the US$500 million development of the Ruby gas field
and in the Gulf of Thailand we expect to bring forward
another operated development, the Manora field,
for sanction during 2012.
Key exploration and appraisal activity is in progress
in Kazakhstan, Oman, Vietnam, Malaysia and Thailand.
And we will continue to seek value adding opportunities
to fulfil our ambitious growth plans.
 04

Mubadala Petroleum is active in Nearly 40% of Mubadala Petroleums
workforce in Abu Dhabi are Emiratis.

12 countries and employs over

In Southeast Asia over

470 employees.
80%
of our employees are local nationals.

At the very heart of our success are three As we go about our activities, wherever in the world
unique factors. they may be, we adhere strictly to our corporate code
of conduct and policies which promote responsibility
 First is the nature and strength of our partnerships, and accountability. These represent an integral
be they with host governments, international and component of our efforts to develop and maintain the
national oil company partners or the communities highest standards of corporate governance and integrity.
in which we operate. Partnership will remain
a cornerstone of our business as we establish In focusing on our strengths and embracing both the
Mubadala Petroleum. traditional and innovative solutions that have brought
us success, Mubadala Petroleum remains committed
Second is the strong support we receive from our to delivering exceptional value from the assets and
owners, Mubadala Development Company and partnerships in which we have invested.
its sole shareholder, the Government of Abu Dhabi,
which brings not just a solid financial foundation but
also strong government-to-government relationships
which are so important in a strategic sector
such as oil and gas.

Third is our people; we have an incredible blend

of experienced industry professionals working
alongside talented national staff. While diverse
in terms of nationality and background, all share
a common purpose, passion and performance
culture, and a belief in delivering our shared goals.
We continue to build and develop our team.
Mubadala Petroleum
Our Team
05

Our Team

The Mubadala Petroleum team is incredibly

diverse, with employees drawn from over 30
different countries who have a wide variety
experience in national, independent and
international oil and gas companies.

Our business and operations are driven by a core of industry-recognized leaders and
professionals whose reputation is built on their expertise and achievements in the global
E&P sector. For them, Mubadala Petroleum is a place where they can apply their skills
and innovative spirit to pursue new challenges and approaches, and provide leadership
to the next generation of industry leaders.

A critical success factor for our business is the
development of the national workforce in all our
locations. We have a cadre of talented Emiratis
who have grown professionally in the oil and gas
industry of Abu Dhabi and who are now able
to expand their horizons and take their skills
to a new level on the international stage.
The executive leadership team of Mubadala Petroleum
possesses extensive international experience across
a wide range of technical and commercial areas,
guiding the business to sustainable growth and
providing superior returns for our stakeholders.

And in each location where we operate, from

Abu Dhabi to Vietnam, we are developing and
mentoring promising early-career professionals,
giving them responsibility and an opportunity to
contribute and influence outcomes immediately.

Maurizio La Noce
Chief Executive Officer
Maurizio is CEO of Mubadala Petroleum, having previously
headed up Mubadalas Energy and Oil & Gas units.
Since joining the Mubadala organization, he has realized
major accomplishments across multiple industries, most
notably the development of Masdar, the Abu Dhabi
Future Energy Company (ADFEC), the development
of the US$7 billion Emirates Aluminium smelter project
in Abu Dhabi and the ground-breaking Dolphin Project.
Before joining Mubadala, Maurizio held several
high-responsibility commercial and leadership
positions with Atlantic Richfield (ARCO) and Enron
International in Milan, London, Dallas and the
United Arab Emirates.
Maurizio also represents Mubadalas interests on the
boards of a number of energy and industrial enterprises.
He holds a degree in Industrial Electronics from
A. Beltrami in Italy. He also attended the College
of Petroleum Studies in Oxford, UK.
06
Suhail Mohamed Al Mazrouei
Deputy Chief Executive Officer & Executive Vice President
Suhail is Deputy Chief Executive Officer and
Executive Vice President of Mubadala Petroleum,
and has primary responsibility for the companys
new business development activities.
He has a diversified technical and management
background gained while leading the production
and facilities engineering for five operating companies
of the Abu Dhabi National Oil Company (ADNOC).
He managed and coordinated assets producing
more than one million barrels of oil per day. Suhail
also worked on international projects in Nigeria,
the North Sea, Brunei and The Netherlands while
on secondment to Shell.
He is a member of the Supreme Petroleum Councils
Advisory Committee and also represents Mubadala
in a number of key joint ventures including Dolphin
Energy and Tatweer Petroleum. Suhail holds
a Bachelor of Science in Petroleum Engineering
from Tulsa University in the United States.
Mubadala Petroleum
Our Team
07
Our Team Continued
Steven Peacock
Chief Operating Officer
Steve has 34 years experience in the oil and gas industry.
He joined Mubadalas oil and gas unit in 2009 as COO,
accountable for the operation and delivery of the rapidly
expanding portfolio of exploration and production assets
of Mubadala Petroleum, as well as technical support
to new business development.
He was previously with BP, where he held a variety
of technical, functional and regional leadership roles,
recently spanning Exploration in the Deepwater Gulf
of Mexico, Upstream IT, Midstream business in the
North Sea, and Regional VP for Mid East and
Southeast Asia.
Steve holds a BA in Natural Sciences from Cambridge
University in the UK, and completed a Management
Development Program at Harvard Business
School in 1997.
David Douglas
Chief Financial Officer
David joined Mubadala in February 2009, bringing with
him over 30 years of energy industry experience, and
is responsible for finance and corporate support
services. He spent the first 22 years of his career
in the energy sector with ARCO, beginning in engineering
before taking increasingly senior and international roles
in planning, business analysis, finance and general
management, moving to the Middle East in 1996.
Prior to joining Mubadala, David was CEO of Oman
Oil Company (OOC) and CEO of PFC Energy, Bahrain.
David holds a degree in Petroleum Engineering from
the University of Texas and an MBA from the
University of California.

Ahmed Jasem Al Shamsi
Vice President, Human Resources
Ahmed joined Mubadala in January 2010 and
has primary responsibility for leading the global
Human Resources function and accountability
for creating and implementing HR strategies to
support Mubadala Petroleums expanding business.
He has 13 years of diverse experience in the HR
field gained with local and international companies,
supporting established operations as well as startup
enterprises, where he has been directly involved in
setting up HR strategies, policies and frameworks.
Ahmed started his career with Abu Dhabi Water
& Electricity Authority in recruitment and progressed
to become the head of the Human Resources
Department. After that, he worked for BP as Regional
HR Manager for the companys downstream business
in Middle East. Immediately before joining Mubadala,
he was Human Resources Director of Tatweer, a
conglomerate and part of the Dubai Holding Group.
Ahmed holds a masters degree in Human Resources
Management from Webster University and a bachelor
degree in MIS from the University of South Carolina
in the United States.
08
Kate OLoughlin
Head of Legal
Kate joined Mubadala in 2011 and was initially based
in Singapore where she led the legal team supporting
our Southeast Asian assets. Kate relocated to our
Abu Dhabi headquarters in 2012 to assume responsibility
for the companys legal affairs and operations worldwide.
Central to this is the delivery of the companys corporate
governance and compliance programs.
Before joining Mubadala, Kate held a senior legal role
with BG Group in Singapore and prior to that spent
almost a decade in private practice advising international
petroleum companies and government agencies
on a broad range of transactions related to the
petroleum industry across a number of jurisdictions.
Kate is a member of the Association of International
Petroleum Negotiators and holds a Bachelor
of Law from the University of Melbourne.
Mubadala Petroleum
Timeline
09

Timeline

2002 2003 2004 2005 2006 2007

May October April June July

The first oil is The first gas from

Dolphin Energy Heads of Agreement Mubadala Energy
produced from Qatar begins flowing
is incorporated signed with ADWEC & Industry Unit
the Jasmine oil through the Dolphin
with Mubadala for supply of first is founded
field in Thailand export pipeline
as a 51 percent Dolphin pipeline gas
across the
shareholder
Arabian Gulf
July

Production Sharing
Contract signed for
Block 53 in Oman
containing the
Mukhaizna oil field
 10

2008 2009 2010 2011 2012

January April February June June

Dolphin Energy project Development and Mubadala enters The development of Mubadala Petroleum
gas flow reaches Production Sharing Malaysia with the Ruby gas field in established
2 billion standard Agreement signed the signing of a Indonesia is approved
cubic feet per day for redevelopment Production Sharing
of the Bahrain field Contract for SK320 December
May with Petronas
June Carigali as partner

April
The 40 millionth barrel
Mubadala acquires of oil from Jasmine oil
Pearl Energy with Activities expand field is produced
operated exploration, into Central Asia
development and to explore the highly Operations in Mubadala takes
production assets prospective N Block Thailand receive ISO 20 percent interests
in Southeast Asia in Kazakhstan 14001 and OSHAS in Block 7, Tanzania
18001 certification and in PM324
in Malaysia

August

Production
commences at the
Ban Yen field adjacent
to the Jasmine field
in Thailand
Mubadala Petroleum
Our Business
11

Our Business

Mubadala Petroleum is a single global organization, comprising business units

responsible for executing activities and operations across the 12 countries in which
we are active, supported by central Exploration, New Business Development,
technical and commercial teams.

The assets we manage cover exploration, appraisal, Positive Partnerships

development and production operations, with
a primary geographic focus on the Middle East,
Africa and Central and Southeast Asia.
Through acquisitions, partnerships and the winning
of new exploration licenses, we are continuing to
expand our asset base while maintaining a clear
geographical focus and discipline in relation to
the nature of the opportunities we pursue.
Much of our success has been built on strong
partnerships; as a commercially-driven business
we appreciate the needs and strengths of each
partner in any particular project.
Our expertise covers all aspects of exploration and
production, including operations, and we are able
to mobilize resources quickly whenever and wherever
required. Our key role in many projects is that of enabler;
with the support of the Abu Dhabi Government, we are
able to act at high levels, creating further opportunities
for ourselves and our partners.
 12

Dolphin Energy
Production

Helping to meet growing energy needs by supplying the United Arab Emirates and
Oman with gas from Qatars giant offshore North Field, the US$4.8 billion Dolphin Energy
gas project is a strategic asset of the UAE and so sits at the very heart of Mubadala
and Mubadala Petroleum.

When the first gas began flowing through the Dolphin
pipeline across the Arabian Gulf in July 2007, it marked
a hugely significant moment: the fruits of the first
cross-border natural gas network between Gulf
Cooperation Council countries and one of the largest
energy investments to be undertaken in the Gulf region.
Just six months later, two billion standard cubic feet
per day was being delivered through the network.
Through Dolphin Energy, and in co-operation with
our partners, we will continue to manage the operation
of this strategic project, to ensure it delivers essential
gas safely, cost-effectively and securely. Mubadala
is the majority owner of Abu Dhabi-based Dolphin
Energy, with a 51 percent shareholding. The remaining
49 percent is held equally between Total of France and
Occidental Petroleum Corporation of the United States.

For more information, visit the

Dolphin Energy website: dolphinenergy.com

Production Platform
Processing Plant
Existing Pipelines
Dolphin Constructed
Pipelines

Ras Laffan

Qatar Sharjah
Dubai Fujairah
Doha
Jebel Ali

Taweelah

Abu Dhabi
Oman
Maqta Al Ain

0 25 50 75 100km
Saudi Arabia United Arab Emirates
Mubadala Petroleum
Our Business
13
Bahrain
Production & Development
The first oil field in the Arabian Gulf to enter production, the Bahrain Field has been in
operation for eight decades. Extending under most of the island of Bahrain production
at the field peaked at 75,000 bopd in the 1970s but declined thereafter to approximately
26,000 bopd in 2009.
To arrest this trend and raise production once more,
we signed a Development and Production Sharing
Agreement (DPSA) in April 2009 with our partners
National Oil and Gas Authority of Bahrain (NOGA),
Occidental Petroleum and NOGAHOLDING and
began an intensive program to comprehensively
redevelop the field with the aim of raising oil output.
Since Tatweer Petroleum, which was formed by
the partners to serve as operator for the project,
took over operations on December 1 2009, significant
investment in new wells, new technology and new
facilities has been made.
Oman
Production, Development, Appraisal & Exploration
Assets in Oman consist of the Block 53 Mukhaizna and Block 62 Habiba concessions.
Block 53 Mukhaizna
The Block 53 Concession Area covers 694 square
kilometers of onshore Oman and contains the giant
Mukhaizna heavy oil field. Mubadala Petroleum
participates in Block 53 through its affiliate Liwa Energy,
a wholly-owned subsidiary of Mubadala that holds
a 15 percent participating interest in the Mukhaizna
EOR project. The project began in July 2005 with
the ratification by Royal Decree of the Block 53
Production Sharing Agreement.
In consultation with Omans Ministry of Oil & Gas, we
have worked as a partner (together with Oman Oil E&P
Company, Shell Exploration & Production Oman Ltd,
Total E&P Oman and Partex (Oman) Corporation)
of Occidental Mukhaizna, the designated operator
of the field, to design and implement the Mukhaizna
EOR project, the largest in the region.
More than 150 new wells are being drilled every year
by four modern and highly mobile drilling rigs, while
the existing 750 wells are being rehabilitated using
a fleet of six workover units. As a result, oil production
reached approximately 43,000 bopd by the end
of 2011. Further drilling in 2012 should increase
production to around 50,000 bopd.
The rapid installation of new equipment has raised
associated gas compression and treatment capacity
to more then 130 million standard cubic feet of gas
per day (mmscf/d), while the completion of a number
of new wells and modifications to surface infrastructure
have raised the capacity of the non-associated
gas system to more than 2 bscf/d.
The Mukhaizna EOR project has flooded the Mukhaizna
field with steam in order to maximize output. By the
end of 2011, Mukhaizna was producing around 120,000
bopd; an increase of approximately 115,000 bopd since
Occidental Mukhaizna took over development of the
field. Initiated in 2006, thermal recovery operations have
been implemented on more than 400 thermal patterns.
Mukhaizna currently has an oil treating capacity
of 130,000 bopd and steam injection of greater than
450,000 barrels of steam per day (bspd). Further
engineering, design, and construction activities will
increase oil treating capacity to above the target
plateau rate of 150,000 bopd, and steam generation
capacity in excess of 555,000 bspd by the end of 2012.
 14

Block 62 Habiba
Mubadala Petroleums most recent project in the
Sultanate of Oman is Habiba Block 62, which covers
an area of 2,200 square kilometers in north Oman.
The Exploration and Production Sharing Agreements
covering the Block were signed with the countrys
Ministry of Oil & Gas by Mubadala, Oman Oil E&P
Company and Occidental Oman Gas Company.
Habiba Block 62 is unique in that it involves multiple
projects, including the development of the Maradi
Huraymah gas field, appraisal of three other gas
discoveries, and both shallow and deep exploration
potential. Mubadala Petroleum owns a 32 percent
interest in this block.

Arabian Gulf
Bahrain Manama

Gulf Of
Bahrain Bahrain
Field

Gulf of
Bahrain

Doha

Abu Dhabi

UAE Muscat
Indian Ocean
Block 62 (Habiba)

Oman

Block 53 (Mukhaizna)

0 50 100 150km
Mubadala Petroleum
Our Business
15

Libya
Exploration

Mubadala Petroleum, through its affiliate Liwa Energy,

holds a 20 percent working interest in Block 103 onshore Mediterranean Sea
Libya. Liwa Energy has partnered with the operator
of the block, Oxy Libya LLC, on a five-year contract
Tripoli
which was awarded in June 2008.

Libya

103

Tanzania
Exploration

Block 7, offshore Tanzania, is located in an exciting

new province that holds great potential and represents
Mubadala Petroleums first entry into sub-Saharan Africa.
We hold a 20 percent interest in the deepwater block,
where depths range from 500 to 3,000 meters, and
work in partnership with operator Ophir, who holds
the remaining 80 percent of the block. Dar es Salaam Block 7 Dominion

Tanzania
Following a large 3D seismic survey acquired in late Tanzania Indian Ocean
2010, and additional 2D seismic acquired in 2011,
we plan to drill the first exploration well in 2013.

Block 7 typifies our intention to seek new, high impact

exploration opportunities within the eastern hemisphere.
 16

Kazakhstan
Exploration

The Caspian Sea region holds many opportunities, both on and offshore. Our entry
to this area took place in June 2009, when we signed a contract with our partners
covering the joint exploration of the Nursultan Block (N Block). Located 30 kilometers
south-south-west offshore of Aktau, Kazakhstan, N Block covers an area of approximately
8,100 square kilometers.

Our interest of 24.5 percent in N Block is matched
by ConocoPhillips, while the majority partner
KazMunayGaz (KMG), holds the remaining 51 percent
interest. The project is run by a joint operating company,
N Operating Company.
The first N Block exploration well was drilled in
2010, encountering hydrocarbons at several levels.
Further exploration and appraisal is ongoing.

Kazakhstan

Aktau

N-Block
Ca
sp
ian
Se
a
Mubadala Petroleum
Our Business
17

Thailand
Production, Development, Appraisal & Exploration

The activities conducted by Mubadala Petroleum throughout our long-standing

presence in Thailand reflect our strong capabilities in the areas of exploration,
appraisal, development and production of hydrocarbons.

With a presence in Thailand through Pearl Oil since 2004,
we are the third largest petroleum concessionaire in the
country. We operate all 12 concessions in which we have
an interest, including the very successful Jasmine B5/27
offshore development in the Gulf of Thailand.
Our contribution to the Thai economy since commencing
operations has been significant, with total expenditures
up to the end of 2011 in excess of US$1.5 billion,
and taxes and royalty payments of more than
US$750 million.
As a long-term investor in Thailand, we are fully
committed not only to the development of the local
energy industry, but also to acting responsibly, with
the utmost respect to the environment and communities
we are operating in. We are engaged in various CSR
activities focusing on education, the environment
and supporting the local communities.
Production: The success of Jasmine B5/27
In March 2005, just 13 months after concession
acquisition, the first Jasmine platform, WPA, was
installed and first oil was produced in June. Today,
six platforms and one Floating Production, Storage
and Offloading (FPSO) unit are in operation. Ban
Yen produced first oil in 2008. In December 2011 the
production milestone of 40 million barrels was reached;
a substantial increase from the estimate made at the
time of purchase in 2004. In 2011, production output
was 17,500 bopd and all production is sold for local
use to meet Thailands growing energy needs.
Development: Operation of the Manora field
Mubadala Petroleum holds a 60 percent interest in,
and operates, the G1/48 concession, located in the
Northern Gulf of Thailand. This block contains the
Manora field, which is about 80 kilometers offshore
and sits beneath 44 meters of water.
The Manora field development was sanctioned in
July 2012. The field was discovered in 2009 and the
development concept was selected in late 2011. The
facilities will include a Wellhead Processing Platform with
water injection facilities to maximize oil recovery with oil
stored in a Floating Storage and Off take (FSO) vessel.
Production is expected to commence in early 2014,
reaching a peak rate of approximately 15,000 bopd from
ten production wells and five injection wells in the main
reservoir sequence.
Appraisal: Nong Yao and Wassana
In addition, two discoveries are under active appraisal:
Nong Yao (Block G11) and Wassana (Block G10) where
Mubadala Petroleum holds 75 percent interests each.
Exploration:
Mubadala Petroleum continues an active exploration
program for all its blocks in Thailand and an exploration
drilling program is scheduled for the second half of 2012.

The field life strategy has been executed with great

success, allowing production targets to be exceeded
with ongoing efforts to maximize asset value. B5/27
contributes significantly to the overall domestic
crude oil production of Thailand.
 18

Thailand Portfolio

Thailand
L21/50
L50/50
G02/48

Bangkok

G01/48
Vietnam
G03/48

B05/27
G02/50 Ho Chi Minh City

L52/50 B06/48

L53/50
G10/48

G11/48

Malaysia
Indian Ocean
Kuala Lumpur

Singapore
(Asia Headquarters)

0 70 140 280 420 560

Kilometers
Mubadala Petroleum
Our Business
19

Malaysia
Appraisal & Exploration

Mubadala Petroleum had been present in Malaysia since April 2010, following the signing
of the first PSC agreement for Block SK320 in February the same year. We have a strong
relationship with Petronas Carigali and are parties to two PSCs with them for blocks
SK320 and PM324.

Appraisal: SK320 Exploration: PM324

Block SK320 is located offshore Sarawak. The block
comprises a robust and diverse portfolio of exploration
prospects including pre-carbonate, carbonate and
post-carbonate plays. We are the operator, with
75 percent interest, and Petronas Carigali holds the
remaining 25 percent. 3D seismic acquisition was
undertaken in 2010 and an appraisal well at the
M5 discovery was spud in May 2012.
In December 2011, we signed an agreement with
Total acquiring a 20 percent working interest in
Block PM324, in an area of deep, largely untapped
high pressure/high temperature clastic reservoirs
of the prolific Malay Hydrocarbon Basin situated
offshore the Malaysian Peninsula. Total is the operator
of the block and holds a 50 percent interest, with
the remaining 30 percent held by Petronas Carigali.

Malaysia
PM324 SK320
Kuala Lumpur

Malaysia

Singapore
(Asia Headquarters)

0 70 140 280 420 560

Kilometers
Kilometers
 20

Vietnam
Appraisal & Exploration

We have been involved in the development of the oil and gas industry in Vietnam since 2007
and have built up valuable partnerships with Petrovietnam, Talisman, Premier, and other
industry participants.

Mubadala Petroleum is pursuing a number of exciting
opportunities offshore Vietnam.
Appraisal:
Mubadala Petroleum has a 15 percent interest in Block
07/03 with Premier as the operator. The Ca Rong Do field
(CRD) was discovered in 2009 and the CRD-2X appraisal
well was drilled in April 2011.
Exploration:
Block 135/136-3 is located adjacent to CRD offshore
Vietnam and Mubadala Petroleum acquired a 20 percent
interest in this deepwater block in May 2011. 3D seismic
acquisition took place in Q2 2012. Talisman is the
operator with a 40 percent interest and Petrovietnam
Exploration Production Corporation Ltd (PVEP)
holds a 40 percent interest.
Mubadala Petroleum is operator of Block 04-02 with
a 90 percent interest and Bitexco holds a 10 percent
interest. Drilling of the first exploration well in Block
04-2 is scheduled for the latter part of 2012.

South China Sea

Vietnam

Ho Chi Minh City

04-02
07/03
135
136-3
0 70 140 280 420 560

Kilometers
Mubadala Petroleum
Our Business
21

Indonesia
Development & Exploration

Present in Indonesia since 2003, we are currently focused on the development of the
Ruby gas field, located in the Sebuku block. Mubadala Petroleum is also the operator
of the Kerapu block and is exploring further growth opportunities in high-impact
offshore areas.

Development: Ruby gas field

The Ruby gas field is located in the Makassar Straits,
offshore East Kalimantan, and will supply gas
for the domestic gas market. Mubadala Petroleum,
through our Indonesian affiliate, is the operator of,
and has a 70 percent interest in, the Sebuku block
that covers the field.
Gas will be transported to shore via pipeline and
received at a dedicated terminal for processing
at the Senipah Onshore Gas Plant, operated by
Total E&P. It will then be delivered to the buyer,
PT Pupuk Kalimantan Timur, which operates
a nearby fertilizer plant.

In June 2011, the development of the Ruby gas
field was sanctioned. We are now proceeding with
construction of the project facilities together with
our partners Total E&P Sebuku and INPEX South
Makassar Ltd (each with 15 percent interest)
we will invest approximately US$500 million.
Exploration: Kerapu PSC
We are the operator of the Kerapu block 3D
seismic was acquired in 2010 and exploration
drilling is being planned.

Two platforms, a tripod wellhead platform (WHP)

and a four-leg production and living quarters platform
(PQP) are under construction, and their offshore
installation will commence in 2013. This will be followed
by offshore hook up, commissioning and start-up
with first gas scheduled for the later part of 2013.
 22

Indonesia Portfolio

Manila

Kerapu PSC

Singapore
(Asia Headquarters)

00'0"

Sebuku PSC

Jakarta

0 70 140 280 420 560

Indian Ocean
Kilometers
Mubadala Petroleum
HSSE
23

HSSE
Health, Safety, Security and Environment

Our Commitments
The continuous improvement of our health,
safety, security and environmental (HSSE)
performance is a high priority for us and
is a prime responsibility of management
and employees at all levels.

We foster a culture that encourages collective and personal responsibility, alignment

with our policies and goals, and demonstrable commitment to HSSE by providing
resources at all levels and ensuring policies and procedures are properly executed.

Effective application of our HSSE management
processes results in enhanced business performance,
reduction of risk exposure and ultimately a safer working
environment for everyone associated with our operations.
The close working relationships we enjoy with our
contractors and venturers includes collaboration
to ensure our high HSSE standards are achieved
and sustained.
Our performance in Thailand, the center of operated
activity, is an excellent example of the results delivered
by our HSSE culture and policy. In addition to its
operations fully meeting, and in a number of areas
exceeding, local and international industry standards,
the team achieved 13 million man-hours without a lost
time injury in 2011. The strength of our safety and
environmental policies and practices was recognized
in 2010 with accreditation to two major international
standards: ISO 14001 and OHSAS 18001. We were
the first company in Thailand to be awarded both
accreditations simultaneously. We have received annual
recertification for both international standards ever since.
Our team in Indonesia has achieved over five million
man-hours without a recordable injury since 2009.
Safety is also a key focus for the Ruby gas development
project, which has already achieved over two million
man-hours without a recordable injury.
24
Mubadala Petroleum
Working with Communities
25
Working with Communities
A Responsible Corporate Citizen
Mubadala Petroleum recognizes the importance of building strong relationships with
the communities in which we operate. We are committed to playing a responsible role
and contributing to long-term, sustainable improvements in those communities.
To deliver effectively against our commitments,
we take an organized, consistent approach based
on good industry practice, integrity and transparency.
In fulfilling this commitment we communicate openly
to ensure that local stakeholders understand the nature
of our operations and have an opportunity to raise
concerns and have them appropriately addressed.
We also work in partnership with local stakeholders,
including local authorities, community groups
and/or NGOs, to understand the needs of local
communities and implement community
investment projects and programs.
We focus on projects and programs in education
and training, health, economic diversification
and environmental improvements.
Some examples of our recent community activities
are set out below.
Education and Training
In Malaysia we have teamed up with a well-respected
national non-profit organisation, MyKasih Foundation
supporting 100 under-privileged families in Miri,
Sarawak with the MyKasih Love My Neighbourhood
project. The program helps break the cycle of poverty
by running a food aid program and supporting families
through skills training and education.
In Thailand, we are supporting computer-aided
learning by bringing essential technology capability
into rural schools in partnership with education
authorities and local schools. We have also funded
local scholarships to support underprivileged
children through the school year.
Environment: T  hailand Coral Restoration
Also in Thailand, we have supported and actively
participated over the years in a variety of environmental
programs ranging from forest to coastal mangrove
reforestation, juvenile turtle and fish release programs
to educating communities and our staff on
environment issues.
 010 saw a massive coral bleeching episode in the
2
Gulf of Thailand and so in 2011 we supported two
reef restoration programs, in Sattahip, Chonburi
and Koh Jarn, Prachuab Khirikhan Province. The Satthip
project is run in collaboration with the Plant Genetic
Conservation project, under the Royal Initiative of
Her Royal Highness Princess Maha Chakri Sirindhorn,
the Special Naval Warfare Command and Chulalongkorn
University (Department of Marine Science, Faculty of
Science). This coral rehabilitation project has already
shown very good results and we continued our
support in 2012.
Health
Clean water is a pre-requisite of good health.
In Vietnam, we installed water pumps and purified
water systems in schools and provided water tanks
to poor residents in Ben Tre Province to ensure they
have clean water for drinking and cooking. In Oman,
we supported a major water supply project for a local
community in the Al Wusta region.

In Kazakhstan we have supported a newly opened
maternity hospital with required medical equipment
and purchased lifeboats and new ambulances
for the local community.
26
A Mubadala Company

mubadalapetroleum.com