UAE firm wins Malaysia oil development contract

A joint venture including Abu Dhabi state-owned Mubadala Development Company has won a contract to develop an offshore oil and gas concession Pornofilme in Malaysia.

Local state energy firm Petronas awarded the deal to MDC Oil & Gas, a joint venture of Mubadala and Petronas. MDC will explore and develop the block, in which it will hold a 75 per cent stake. Petronas will hold the remaining 25 per cent.