Dubai PR Network, Online Press Release from Dubai and Middle East
 
Oil & Gas(Energy and Industry)
Filter PR by
  
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

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.'


Posted by : Dubai PR Network Editorial Team
Viewed 6905 times
PR Category : Energy and Industry
Posted on : Thursday, May 24, 2018  3:26:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Crude spreads widen; gold still looking for a catalyst
Next Story : Strong Global Interest in Tendering Process for Oil and Gas ...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Skyline Book Fair 2018 [10718-Views]
Holiday hair: The best product to keep your locks smelling fresh and protected [10059-Views]
Marchon Eyewear Summer 2018 Collections [8369-Views]
ServeU to Take Huge Leap Forward with Smart Cleaning Robots [7918-Views]
du Distributes Eid Gifts at Al Jalila Children's Hospital [7820-Views]
Al-Futtaim ACE celebrates Eid with exciting offers and activities [7125-Views]
Filorga introduces two new additions to its UV-BRONZE range offering a comprehensive range... [7106-Views]
24 hour Mega Sale at Dalma Mall! [6997-Views]
CSR Initiatives by Malabar Gold & Diamonds continues in full strength [6972-Views]
Purify Your Skin with Skin Republic [6948-Views]
A Sparkling Gift Guide for Eid al-Fitr by Mouawad [6454-Views]
Skin Hydration is one of the primary challenges our skin faces in the UAE [5960-Views]
Beauty on the Go [5911-Views]
Al Ghandi Auto brings the most Affordable Electric Vehicle - Chevrolet Bolt EV - to the UA... [5685-Views]
Rapid renewal of smartphone portfolio brings next generation Nokia 5 and Nokia 3 to fans ... [5356-Views]
Captivate Your Senses with Marks & Spencer's Exclusive Oud Collection [5051-Views]
Crowe Horwath announces global rebrand to “Crowe” Sometimes a smart decision is a simple... [5026-Views]
Stylish men's watch - BU4018-11H - with rose gold case and black dial is a real beauty [5008-Views]
Hamdan Bin Mohammed Heritage Center distributes Eidia on first day of Eid [4984-Views]
Splash's ‘Life After Fashion' Campaign Breathes New Life into Old Garments [4947-Views]
iVOOMi Smartphones Enter the UAE Market Exclusively on SOUQ.com [4929-Views]
New open-air member of the AMG GT family [4904-Views]
Abu Dhabi Treats Eid Al Fitr Visitors to Shopping Bonanza with 90% Discounts Across 15 Sel... [4856-Views]
The Summer Just Got Sweeter with the New Palm Candy Collection from Max [4837-Views]
Hamilton Jazzmaster Maestro Auto Chrono [4825-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories