Mubadala Petroleum to develop Russian oilfields with Gazprom Neft and Russian Direct Investment Fund
The joint venture, Mubadala's first step into the Russian oil market, will develop oilfields in Western Siberia.
Mubadala Petroleum, Gazprom Neft and the Russian Direct Investment Fund (RDIF, the Russian Federation's sovereign wealth fund) announced the establishment of a joint venture to develop oil fields in the Tomsk and Omsk regions of Western Siberia.
"One promising area for joint work here being developing technologies for the profitable development of pre-Jurassic hydrocarbon resources in the Tomsk Region," said Gazprim Neft PJSC CEO Alexander Dyukov. "We see Mubadala Petroleum and RDIF as strategic partners, and expect to deliver mutually beneficial results from combining our financial and technological resources.”
Gazprom Neft also compeleted the sale of a 49 percent interest in Gazpromneft-Vostok, which operates 13 fields, to Mubadala Petroleum and RDIF. This leaves Gazprom Neft with 51 percent interest in the joint venture; Mubala Petroleum holds 44 percent equity, leaving RDIF with 5 percent equity.
"The acquisition of a 44-percent interest in the Gazpromneft-Vostok joint venture is another important step in Mubadala
Petroleum’s drive for sustainable and profitable growth, marking our entry into Russia and adding valuable oil production to our existing portfolio," said Dr. Bakheet Al Katheeri, Mubadala's CEO. "Partnering with Gazprom Neft, a leading Russian operator, 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.”