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Mubadala Petroleum invests $450m in oil and gas field

Mubadala Petroleum invests $450m in oil and gas field
Mubadala Petroleum's headquarter (Photo Credit: Company Website)

Abu Dhabi – Mubasher: Mubadala Petroleum is expected to invest approximately $450 million in the development plan for the Cá Rồng Đỏ (CRD, or Red Emperor) oil and gas field in Block 07/03 offshore Vietnam, according to a statement.

The company has received approval from the Vietnamese government regarding the development.

Mubadala holds a 21.25% interest in Block 07/03 with operator Repsol holding 46.75%, PVN 14.25%, PVEP 12.75%, and Pan Pacific Petroleum 5%.

The field was discovered in 2009 and appraised in 2013.