Former BP executive to head Mubadala unit

Abu Dhabi's sovereign wealth fund administrator Mubadala Development Co. has hired a former BP vice-president to head its oil and gas unit in a bid to help boost the company's competitiveness.

May 5, 2009

Eric Watkins
OGJ Oil Diplomacy Editor

LOS ANGELES, May 5 -- Abu Dhabi's sovereign wealth fund administrator Mubadala Development Co. has hired a former BP vice-president to head its oil and gas unit in a bid to help boost the company's competitiveness.

Steven Peacock, who was BP president for the Middle East and South Asia, will take over as chief operating officer for Mubadala Oil & Gas as the firm seeks to become a globally competitive exploration and production company.

Mubadala, wholly owned by the Abu Dhabi government and one of its more active investment vehicles, has a portfolio spanning a broad range of sectors, among them hydrocarbons, with assets in Africa, the Middle East, and Southeast Asia.

Mubadala recently announced a venture with Occidental Petroleum Corp. and Bahrain's National Oil & Gas Authority to develop an oil and gas field in Bahrain.

Contact Eric Watkins at [email protected].