Tripartite agreement recently signed in St. Petersburg, Russia
Mubadala Petroleum, Gazprom Neft, and the Russian Direct Investment Fund (RDIF, the sovereign wealth fund of the Russian Federation) have jointly 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, focusing on efficiency in exploration and production activities at the fields as well as at pre-Jurassic hydrocarbon deposits.
“Through our partnership with Mubadala Petroleum and RDIF we will not only be focusing on improving the current business performance of Gazpromneft-Vostok, but will also be looking for new opportunities to develop it further,” observed Alexander Dyukov, CEO, Gazprom Neft.
“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,” commented Dr. Bakheet Al Katheeri, CEO, Mubadala Petroleum.
“Further investments by the consortium created by RDIF, Mubadala Petroleum and Gazprom Neft will bring funds, experience and expertise of our Middle East partner to the Russian oil and gas sector,” noted Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF).
