Mubadala Petroleum a subsidiary of Abu Dhabi’s Mubadala Development Company has signed a cooperation agreement with the Ministry of Petroleum and Mineral Resources of the Federal Republic of Somalia.
The agreement is the result of a high level engagement took place between the U.A.E. and the Federal Government of the Republic of Somalia and its territories during the first half of 2014, to consider ways in which they might work together to further the development of the Somali petroleum sector.
Mubadala Petroleum signed a Cooperation Agreement with His Excellency Daud Mohamed Omar on behalf of the Ministry of Petroleum and Mineral Resources aimed at sharing knowledge, increasing the strength of the Somalia Ministry and its staff, and, over time, developing upstream opportunities in Somalia.
“This strategic agreement will draw upon the great experience of Abu Dhabi in developing a world-class environment for investment in the petroleum sector and enable Mubadala Petroleum to begin a long term relationship with the Ministry to support its upstream sector,” said Musabbeh Al Kaabi, Chief Growth Officer, Mubadala Petroleum.
Mubadala Petroleum is and upstream oil and gas exploration and production company, a subsidiary of Mubadala Development Company and 100 percent owned by the Government of Abu Dhabi.