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FINANCIAL NEWS
Mubadala acquires 20% stake in Tanzanian oilfield
09 Oct 2011
(MENAFN) Mubadala Oil & Gas, a subsidiary of Abu Dhabi’s Investment fund (Mubadala) announced the acquisition of one-fifth share of an oil field in Tanzania, Arabian Business reported.
Mubadala has bought 20 percent stake in deepwater Block 7 from Dominion Petroleum Limited for USD20 million. The deal now is subject to Tanzanian government’s approval.
Mubadala last month announced a first-half profit for 2011, thanks to to higher commodity prices and increased contributions from its semiconductor business.
Dominion Petroleum is listed on London Stock Exchange and has exploration licenses for oil fields in Congo, Uganda, Kenya and Tanzania.
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