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Mubadala Petroleum to Develop Offshore Thailand Oil Well

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mubadala petroleumMubadala Petroleum, in concert with KrisEnergy Limited, has recently announced the approval of an oil well development off the coast of Thailand near the Pattani and Malay Basins.

According to a press release issued by Mubadala Petroleum, production will begin in the first half of 2015, with peak rates of 10,000 barrels of oil a day expected a few months after. The development will also include a minimum facility wellhead platform, a wellhead processing platform, and crude oil will be exported by way of a floating storage and offloading vessel.

Kris Energy, through a spokesperson, told the Sovereign Wealth Fund Institute, “the contract for the construction of the Nong Yao platform was put to tender and that process is still on-going. The contract has not been awarded yet.”

Mubadala Petroleum is estimating the development of 12.4 million barrels of oil over a projected 7-year field life. At current market rates that would equate to roughly US$ 1.3 billion.

The location of the well is the G11/48 concession, approximately 165 kilometers offshore in depths of 75 meters. It is located just west of concession G10/48, a concession acquired by Mubadala Development Company through its purchase of Pearl Energy Limited from Aabar Energy PJSC in May of 2008. That deal was valued at US$ 833.3 million. The other concesssion is G6/48 which according to Kris Energy is pending approval from the Thai government.

In 2008, Abu-Dhabi based Mubadala Development Company acquired Pearl Energy. Pearl Energy was the original operator of the G11/48 licence until its name was changed to Mubadala Petroleum. The founders of KrisEnergy were the original founders of Pearl Energy, which was acquired in 2006 by Aabar of the United Arab Emirates. Aabar sold Pearl Energy to Mubadala.

Mubadala Petroleum did not immediately respond to further inquiries about details of the deal.

Google Fined Big Time by EU Regarding Antitrust Violations

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The European Union (EU), through its competition commissioner, levied a €4.34 billion fine against Alphabet Inc., the owner of Google. The fine is over Google having “imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search,” according to the European Commission (EC).

The European Commission is requiring Alphabet to cease from its conduct that it is accused of within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company.

Commissioner Margrethe Vestager, in charge of competition policy, said in a press release, “Today, mobile internet makes up more than half of global internet traffic. It has changed the lives of millions of Europeans. Our case is about three types of restrictions that Google has imposed on Android device manufacturers and network operators to ensure that traffic on Android devices goes to the Google search engine. In this way, Google has used Android as a vehicle to cement the dominance of its search engine. These practices have denied rivals the chance to innovate and compete on the merits. They have denied European consumers the benefits of effective competition in the important mobile sphere. This is illegal under EU antitrust rules.”

The EC press release added, “In particular, Google: 1. has required manufacturers to pre-install the Google Search app and browser app (Chrome), as a condition for licensing Google’s app store (the Play Store); 2. made payments to certain large manufacturers and mobile network operators on condition that they exclusively pre-installed the Google Search app on their devices; and 3. has prevented manufacturers wishing to pre-install Google apps from selling even a single smart mobile device running on alternative versions of Android that were not approved by Google (so-called “Android forks”).”

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Mubadala, RCIF and UFC Agree to Form UFC Russia Joint Venture

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Endeavor (formerly WME | IMG) is taking its UFC brand into Russia. Endeavor is financially-backed by investors such as Silver Lake Partners, CPPIB, KKR and Singapore’s GIC Private Limited. The global talent agency company inked a deal with the Russia-China Investment Fund, Mubadala Investment Company (UAE) to form a platform to focus on the development and expansion of UFC’s mixed martial arts (MMA) business in Russia and CIS countries. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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ValueCAP CEO Steps Down at End of July

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ValueCAP’s CEO, Sharifatu Laila Syed Ali, is stepping down at the end of July 2018. She has a 16-year tenure at ValueCAP (Valuecap Sdn. Bhd.), joining the company in 2002. She is being replaced by Rosalina Rahman. Expected to be joining ValueCAP in August, Rahman is currently a Managing Director of Amundi Asset Management’s Malaysia unit. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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