Search DubaiPRNetwork.com

Home >> Energy and Industry

RDIF, Mubadala Petroleum and Gazprom Neft announce a joint venture to develop Siberian oil fields

RDIF, Mubadala Petroleum and Gazprom Neft announce a joint venture to develop Siberian oil fields

Thursday, May 24, 2018/ Editor -  

Share

Home >> Energy and Industry

Dubai, UAE, May 24, 2018:  The Russian Direct Investment Fund (RDIF, the sovereign wealth fund of Russia) and Mubadala Petroleum, the UAE-based leading oil and gas exploration and production company, announce the creation of a joint venture with PJSC Gazprom Neft to develop several oil fields in the Tomsk and Omsk regions. RDIF and Mubadala Petroleum will acquire a 49 percent equity stake in LLC Gazpromneft-Vostok, the operator of the fields. Mubadala Petroleum will hold a 44 percent interest and RDIF will hold the remaining 5 percent interest. Completion of the transaction is subject to customary regulatory and internal approvals. The corresponding agreement was announced today at the St. Petersburg International Economic Forum.

Proved and probable reserves of hydrocarbons in the fields are about 40 million tons (approx. 300 million barrels). Oil production was 1.6 million tons in 2017 (approx. 33,000 barrels per day). The produced oil is sold into Russian domestic and international markets, and transported primarily through the Eastern Siberia-Pacific Ocean oil pipeline.

This project is Mubadala Petroleum’s first investment in the Russian oil and gas sector.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
'RDIF and Mubadala Petroleum investment in a joint venture with Gazprom Neft brings the experience and expertise of our Middle East partners to the Russian oil and gas sector. RDIF, Mubadala Petroleum and Gazprom Neft see this project as the first step in creating a consortium to pursue further significant investments in the sector.'

Dr Bakheet Al Katheeri, CEO of Mubadala Petroleum, said: 
'This investment marks a further step in our long-term growth strategy and sees Mubadala Petroleum’s entry into Russia. Through this new partnership with RDIF and Gazprom Neft, one of Russia’s leading operators, we will not only share but also further build on our expertise and capabilities in oil and gas while adding significant oil production to our existing oil and gas portfolio. '

Alexander Dyukov, Chairman of Gazprom Neft, said:
'Our company has vast experience in setting up joint ventures with international partners, but for the first time one of the largest investment funds of the UAE has invested in the Russian assets of Gazprom Neft. This transaction is of great importance not only for our company, but for the whole industry. The main advantage of Gazpromneft-Vostok is the development of technologies for the search and extraction of hydrocarbons from the pre-Jurassic complex. And it is important for us that our partners believed not only in the present, but also in the future of this asset. The task of beginning cost-effective development of Paleozoic stocks can be more effectively solved within the framework of partnership, combining technological and financial resources.'


Previous in Energy and Industry

Next in Energy and Industry


Home >> Energy and Industry Section

Latest Press Release

Michael Michael Kors Spring 2019: Middle East Edit

Union Cooperative supports UAE agriculture with AED 79 Million

Meet HP Tango! The Home Printer Reinvented

Philippines consulate general visits Danube Home

Top Tips on choosing the perfect Coffee Table

Over 1,700 projects worth USD 1 trillion fall under China's ambitious One Belt, ...

Mobile Malaria Project Embarks on Journey of Discovery

IKEA survey reveals that although the bedroom is the most essential room in hous ...

Volvo Cars celebrates 60 years of sharing safety knowledge with open-for-all dig ...

Malabar Gold & Diamonds actively participated in UAE National Sports Day conduct ...

Etisalat AGM approves Full-year 2018 dividends of 80 fils per share

Dubai WoodShow attracts more than 7300 visitors, USD 70 million in business deal ...

Step up your make-up game for Spring/Summer '19 with Lottie London

This Weekend Sees Abu Dhabi Host Week 13 of Show Jumping Competitions

Schneider Electric Partners with Vericlave to Strengthen Customers' Cyber Postur ...

IKEA X TOM DIXON X YOU

Top Chefs recognized by American Egg Board at ExpoCulinaire

Oman Insurance Company wins Medical Insurance Company of the Year at 2019 Annual ...

Emirates Post invites young people to enter international letter writing competi ...

UAE Team Emirates Opts for Power as Gaviria and Kristoff Top Line-up for Milan-S ...