Exclusive: Mubadala looks to boost US investment, CEO says
The company is a key backer of Commonwealth LNG, the first new export terminal to have reached a final investment decision during Trump’s second term. Mubadala Energy, one of the top Gulf-based investors in global oil and gas projects, is looking to increase its footprint in the US despite the election outcome, its CEO told Semafor. The company is a key backer of Commonwealth LNG, the first new export terminal to have reached a final investment decision during US President Donald Trump’s second term, and is “really looking” for other new US projects, Adnan Bu Fateem said. “If you’re an oil company and want to grow your business internationally, you can’t exclude the US.” As Semafor’s Riyadh bureau chief writes today, Gulf energy companies are turning increasingly to their global portfolios as a source of stability while the region itself continues to face heightened security risks and costs. Sherif Foda, CEO of the regional oilfield services provider NESR, told Semafor that the company now holds $150 million in spare equipment for its projects in the Gulf, triple what it would normally hold absent the war. Those costs cut deeply into the company’s profit margin, Foda said — a risk
The company is a key backer of Commonwealth LNG, the first new export terminal to have reached a final investment decision during Trump’s second term. Mubadala Energy, one of the top Gulf-based investors in global oil and gas projects, is looking to increase its footprint in the US despite the election outcome, its CEO told Semafor. The company is a key backer of Commonwealth LNG, the first new export terminal to have reached a final investment decision during US President Donald Trump’s second term, and is “really looking” for other new US projects, Adnan Bu Fateem said.
“If you’re an oil company and want to grow your business internationally, you can’t exclude the US.” As Semafor’s Riyadh bureau chief writes today, Gulf energy companies are turning increasingly to their global portfolios as a source of stability while the region itself continues to face heightened security risks and costs. Sherif Foda, CEO of the regional oilfield services provider NESR, told Semafor that the company now holds $150 million in spare equipment for its projects in the Gulf, triple what it would normally hold absent the war.
Those costs cut deeply into the company’s profit margin, Foda said — a risk premium that’s unlikely to diminish even if the current conflict de-escalates: “That’s the new mode of operation. Anyone who says it’s going back to normal is dreaming.”