Aabar’s David Woodward will join Mubadala’s energy unit as chief operating officer after seeing through the $833m sale of the company’s Pearl Energy asset in Southeast Asia to the state-run firm.

In 2005, Mubadala signed a memorandum of understanding with the UK/Dutch Shell Group to form a strategic alliance, and it has also worked with Occidental in Libya and Oman (MEED 17:6:05).

Last year, it launched an oil field services firm to compete with industry giants Schlumberger, Halliburton and Baker Hughes in the Middle East (MEED 25:5:07).

Aabar says the sale of Pearl generated an estimated profit in excess of $100m. Part of the proceeds will be used as funds towards new investment opportunities to be identified by the company’s management.