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Gazprom Neft, Mubadala Petroleum and the RDIF announce the completion of a transaction to jointly develop oil fields in Western Siberia
Courtesy of gazprom-neft.com |
Gazprom Neft, Mubadala Petroleum and the Russian Direct Investment Fund (RDIF, the sovereign wealth fund of the Russian Federation) have announced the completion of a transaction establishing a joint venture to develop oil fields in the Tomsk and Omsk Regions of Western Siberia.
The Gazpromneft-Vostok joint venture represents Mubadala Petroleum’s first investment in the Russian oil and gas sector.
The partners will determine the long-term strategy of the joint-venture, focussing on efficiency in exploration and production activities at the fields as well as at pre-Jurassic hydrocarbon deposits.
Alexander Dyukov, CEO, Gazprom Neft PJSC, commented: “This first investment by one of the largest oil and gas companies in the United Arab Emirates, Mubadala Petroleum, in a Russian asset is certainly a landmark event for the industry. Through our partnership with Mubadala Petroleum and RDIF we will not only be focussing on improving the current business performance of Gazpromneft-Vostok, but will also be looking for new opportunities to develop it further. One promising area for joint work here being developing technologies for the profitable development of pre-Jurassic hydrocarbon resources in the Tomsk Region. We see Mubadala Petroleum and RDIF as strategic partners, and expect to deliver mutually beneficial results from combining our financial and technological resources.”
Dr. Bakheet Al Katheeri, CEO, Mubadala Petroleum, said: “The acquisition of a
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said: Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“We welcome Mubadala Petroleum’s first investment in Russia. We expect this transaction to become the basis for further investments by the consortium created by RDIF, Mubadala Petroleum and Gazprom Neft. Participation of Mubadala Petroleum in the consortium will bring funds, experience and expertise of our Middle East partner to the Russian oil and gas sector”.
Source: gazprom-neft.com