Shell holds two production sharing contracts in the Reggane Djebel Hirane and Zerafa permits in Algeria where it is conducting an exploration and appraisal campaign in partnership with Sonatrach, the Algerian national oil and gas company. The revised interests in the Reggane Djebel Hirane and Zerafa Production Sharing Contracts are Sonatrach 25% (carried interest during exploration) Shell affiliates 60% and Mubadala's Liwa Energy 15%.
Mubadala, the investment and development company of the Abu Dhabi government, is at the forefront of expanding and diversifying the Emirate's economy through key investments both locally and globally. This agreement is another example of Mubadala's increasing interest in Algeria, where the company has already made a number of significant investments in the energy sector, including several power stations and oil and gas projects.
Among these is the Hadjret Independent Power Project, which represents over a fifth of today's generation capacity in Algeria with initiatives including a new-build natural cycle gas fired power station in Tipaza. Mubadala is also involved in the construction of the first Algerian aluminium smelter at Beni Saf, which will be a significant employer in the region.
This agreement is part of the strategic alliance formed in 2005, and signed in Abu Dhabi, between Mubadala and Shell to cooperate in the economic development of new and existing hydrocarbon resources, pursue research and development of economically viable and environmentally acceptable energy solutions in the Middle East & North Africa, outside Abu Dhabi.
The agreement also provides learning and development opportunities with Shell to enhance the professional development of select UAE nationals.
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Mubadala farms into Shell exploration acreage in Algeria
- United Arab Emirates: Tuesday, April 01 - 2008 at 15:55
- PRESS RELEASE
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Mubadala Development Company (Mubadala) today announced that its wholly-owned subsidiary, Liwa Energy Ltd. has purchased a 20% stake in Shell's current exploration and production ventures in Algeria.
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Posted by Medilyn Manibo, Assistant News EditorTuesday, April 01 - 2008 at 15:55 UAE local time (GMT+4)
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About Mubadala Development Company
Mubadala Development Company (Mubadala) is an investment company at the forefront of Abu Dhabi's transformation from single sector to multi-sector global economy.
As Abu Dhabi continues to enjoy rapid growth, Mubadala is taking full advantage of the opportunities to advance economic development in the region by building profitable businesses that will contribute towards robust and integrated industry sectors.
At the core of its business, Mubadala makes long-term, capital intensive investments to establish new companies and to acquire strategic holdings in existing ones. Mubadala carefully selects world-class partner organizations with proven expertise in industries such as healthcare, technology, aerospace, energy and real estate. These partnerships with internationally renowned institutions such as Carlyle, Rolls Royce and Cleveland Clinic, set the highest standards for quality in every sector of the economy and create a benchmark for business excellence in the region.
As a developer, an investor and an international partner, Mubadala is generating sustainable economic benefits for the future of Abu Dhabi, its people and the region.
About Royal Dutch Shell
Shell is an energy company which explores for, produces and trades in a range of energy resources. Shell explores for and produces oil and gas and creates essential products from them, such as fuels and petrochemicals. Shell has a broad portfolio of hydrogen, biofuels, wind and solar power interests. Shell provides consultancy and technical services as well as research and development expertise to the energy industry.
In Algeria, Shell is conducting an exploration and appraisal campaign in the Reggane Djebel Hirane and Zerafa permits in central Algeria, in partnership with Sonatrach, the Algerian national oil and gas company following a 5 year contract award in 2005. Shell also markets Shell Lubricants to consumer and industrial customers.
Mubadala Development Company (Mubadala) is an investment company at the forefront of Abu Dhabi's transformation from single sector to multi-sector global economy.
As Abu Dhabi continues to enjoy rapid growth, Mubadala is taking full advantage of the opportunities to advance economic development in the region by building profitable businesses that will contribute towards robust and integrated industry sectors.
At the core of its business, Mubadala makes long-term, capital intensive investments to establish new companies and to acquire strategic holdings in existing ones. Mubadala carefully selects world-class partner organizations with proven expertise in industries such as healthcare, technology, aerospace, energy and real estate. These partnerships with internationally renowned institutions such as Carlyle, Rolls Royce and Cleveland Clinic, set the highest standards for quality in every sector of the economy and create a benchmark for business excellence in the region.
As a developer, an investor and an international partner, Mubadala is generating sustainable economic benefits for the future of Abu Dhabi, its people and the region.
About Royal Dutch Shell
Shell is an energy company which explores for, produces and trades in a range of energy resources. Shell explores for and produces oil and gas and creates essential products from them, such as fuels and petrochemicals. Shell has a broad portfolio of hydrogen, biofuels, wind and solar power interests. Shell provides consultancy and technical services as well as research and development expertise to the energy industry.
In Algeria, Shell is conducting an exploration and appraisal campaign in the Reggane Djebel Hirane and Zerafa permits in central Algeria, in partnership with Sonatrach, the Algerian national oil and gas company following a 5 year contract award in 2005. Shell also markets Shell Lubricants to consumer and industrial customers.
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