Mubadala in talks with Rosneft for joint project

Companies may jointly develop two east Siberian fields

Mubadala CEO, Musabbeh Al-Kaabi.
Mubadala CEO, Musabbeh Al-Kaabi.

UAE's Mubadala Petroleum and Russia's Rosneft are in talks to jointly develop two east Siberian projects, Reuters reports.

The statement comes from the Kremlin ahead of Vladimir Putin's meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan on Tuesday.

The fields, Tass Yuriakh and Verkhnechonskoye, jointly produced around 9mn tonnes of crude last year, according to the Russian Energy Ministry, compared to 205mn tonnes (4.1mn barrels per day) for Rosneft in total, Reuters reports.

The Abu Dhabi-based company does not currently own any exploration or produciton assets in Siberia, Russia, making the project the first of its kind.

Mubadala is present in a number of countries in the MENA region, Africa and Asia, including Thailand, where it started production at its third field recently.

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