Mubadala Petroleum joins Russian JV to develop Siberia’s oil fields

Abu Dhabi – Mubasher: Mubadala Petroleum, Russia’s Gazprom Neft, and the Russian Direct Investment Fund (RDIF) have established a joint venture to develop oil fields in Western Siberia’s Tomsk and Omsk regions.

Under an agreement announced on 24 May 2018, Gazprom Neft sold 49% of its interests in its subsidiary Gazpromneft-Vostok (operator of 13 fields), to Mubadala Petroleum and RDIF, according to a company statement.

“This first investment by one of the largest oil and gas companies in the UAE in a Russian asset is certainly a landmark event for the industry,” Gazprom Neft’s CEO Alexander Dyukov commented.

Gazpromneft-Vostok will remain a Gazprom Neft’s unit and will continue to operate the fields, Mubadala Petroleum said.

The deal’s value was not revealed.

"Partnering with Gazprom Neft and RDIF will not only provide us with significant co-investment opportunities but will also further develop our own oil and gas expertise and capabilities, as well as exploration and production technologies,” Mubadala Petroleum’s CEO Bakheet Al Katheeri said.

Mubasher Contribution Time: 05-Sep-2018 13:27 (GMT)
Mubasher Last Update Time: 05-Sep-2018 13:28 (GMT)