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Mubadala Petroleum Awards EPCIC Contract to Nippon Steel and Sumikin Engineering

Mubadala Petroleum, a wholly owned subsidiary of Mubadala Development Company, announced that it has awarded a platform engineering, procurement, construction, installation and commissioning (EPCIC) contract to Nippon Steel and Sumikin Engineering Co. Ltd. (NSSE). The EPCIC contract covers the Nong Yao oil field development in Block G11/48 in the Gulf of Thailand.

In August 2013, the Sovereign Wealth Fund Institute reported that Mubadala Petroleum had decided to develop Block G11/48, but was still in negotiations regarding the contract for platform construction. The location of the concession is 165 km offshore in depths of 75 meters.

When questioned on the oil production from the facility, a spokesperson from Mubadala responded immediately via email stating, “peak rates are expected to reach approximately 10,000 barrels of oil per day (bopd) within a few months of first oil.” But the development which, “consists of a Wellhead Processing platform (WPP) and Wellhead Platform (WHP) with interconnecting pipelines to a Floating Storage and Offloading vessel (FSO) will be capable of producing up to 15,000 bopd.

Mubadala Petroleum, the operator of the concession, holds a joint interest in the concession with KrisEnergy Ltd. KrisEnergy claims a 25% working interest, with the rest being held by Mubadala Petroleum.

“We are pleased to be making headway,” said Chris Gibson-Robinson, KrisEnergy’s Director of Exploration & Production of the Nong Yao development. “We declared [sic] final investment decision in August last year and preliminary fabrication work commenced in November.”

SWFI First Read, November 19, 2017

Mubadala Petroleum Sees Opportunities in Mexican Upstream and Downstream

Mubadala Petroleum, a unit of Mubadala Investment Company, is studying investment opportunities in Mexico. The opportunity set is both in upstream in oil production, or in downstream sectors. Mubadala recently invested heavily in the Gulf coast.

OMERS-Backed CEDA International Corporation Acquires Joe Loomis Trucking

In 2005, Borealis Infrastructure, a unit of OMERS, had acquired CEDA International Corporation (then known as CEDA Holdings Limited) from Precision Drilling Corporation for C$ 274 million. CEDA International Corporation was moved into the portfolio holdings of OMERS Private Equity, another unit of OMERS. On November 16, 2017, CEDA International Corporation acquired Dawson Creek, British Columbia-based Joe Loomis Trucking Limited.

IMF Believes Kuwait Government Needs $100 Billion Over Next 5 Years for Gross Financing Needs

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Ontario Teachers’ Takes to the Seas with Atlantic Aqua Farms Acquisition

The Ontario Teachers’ Pension Plan (OTPP) has made its first investment in the rising aquaculture industry with the acquisition of Orwell Cove-based Atlantic Aqua Farms, Inc. (AAF) and its affiliated entities from San Francisco-based private equity firm Encore Consumer Capital, through its Encore Consumer Capital Fund L.P., for an undisclosed amount. Estimates of the deal’s value, however, place it at over C$ 100 million. Encore Consumer Capital put AAF for sale back in March 2017.

Based out of Canada’s Prince Edward Island, AAF is the largest grower and processor of the region’s famed blue mussels under the brand names Canadian Cove, Confederation Cove, and J.P.’s shellfish. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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UAE Prepares ADNOC Distribution IPO

The Abu Dhabi National Oil Company (ADNOC) embarked on plans to sell a minority stake of 10% or more in its fuel distribution unit in an initial public offering on the Abu Dhabi Securities Exchange (ADX) scheduled for December of 2017. ADNOC Distribution is the largest fuel distributor in the United Arab Emirates with 67% of the market share by number of retail service stations and benefits from a “stable and predictable” market-pricing regime, according to a company statement.

The offering will consist entirely of existing stock held by ADNOC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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