UAE’s Mubadala Petroleum targets Asia buys on lower oil prices

The chief executive of Mubadala Petroleum said on Tuesday that low oil prices could create buying opportunities for the Abu Dhabi-based firm in Asia, but the current market means it is avoiding ultra deep water exploration investment in West Africa.

“We look forward to grow our business in that part of the world (Asia). Especially with current oil prices, we hope it will create an opportunity for an acquisition,” Musabbeh Al Kaabi told an energy conference.

The firm, the energy arm of the Abu Dhabi state-owned investment fund Mubadala Development Company, currently has operations in five Southeast Asian countries including Thailand and Malaysia, according to its website.

Mubadala Petroleum was also in “a very aggressive cost reduction” mode in response to lower oil prices, Mr Al Kaabi added.

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