Mubadala Energy is planning to expand production capacity at the Pegaga gas field off the coast of Sarawak, Malaysia, reported Reuters.
This development was disclosed by Mubadala Energy chief operating officer Stefano Raciti at an industry conference.
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“Gas demand is expected to peak ahead of 2040. At the same time, LNG (liquefied natural gas), we see rapid growth,” Raciti was quoted by the publication as saying.
“So there is an important window of opportunity for investments in gas and LNG.”.
While specific expansion figures were not disclosed, the move signals Mubadala’s intentions to further grow its business in South East Asia.
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Mubadala, which also owns gas reserves in Thailand and Indonesia, is keen to make more investments in the region, Raciti told the publication.
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By GlobalDataThe Pegaga gas field, also known as Block SK320, began gas production in 2022 and represents Mubadala Energy’s inaugural project in Malaysia.
The company, a subsidiary of Abu Dhabi-based state fund Mubadala Investment Company, holds a 55% stake as the operator of the block.
Partners Petronas Carigali and Sarawak Shell hold 25% and 20% interests, respectively.
According to GlobalData, the Pegaga conventional gas field has recovered 1.94% of its total recoverable reserves, with peak production expected in 2023.
As per current economic assumptions, the field is projected to continue production until reaching its economic limit in 2065.
The field’s facilities, designed to produce 550 million standard cubic feet per day of gas, include an integrated central processing platform and a wellhead drilling platform.
Gas from Pegaga is transported through a new subsea pipeline connected to an existing network, ultimately being exported from the Bintulu LNG terminal.
In December 2023, the company made headlines with the discovery of a significant deep-sea gas reserve in Indonesia’s South Andaman Block.
