Gulf Oil and Gas accountACCOUNT

Gazprom Neft, Mubadala Petroleum & RDIF to Jointly Develop Oil Fields

Source: www.gulfoilandgas.com 9/7/2018, Location: Asia

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.

Further to an agreement announced on 24 May 2018, Gazprom Neft has now completed its sale of a 49-percent interest in Gazpromneft-Vostok LLC, operator of 13 fields, to Mubadala Petroleum and RDIF. Following the completion of this transaction Gazprom Neft now holds a 51-percent interest in the joint venture, with Mubadala Petroleum and RDIF holding 44 percent and five percent equity, respectively. Gazpromneft-Vostok remains a subsidiary of Gazprom Neft, and will continue to operate the fields.

The Gazpromneft-Vostok joint venture represents Mubadala Petroleumís 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.

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 focusing 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 44-percent interest in the Gazpromneft-Vostok joint venture is another important step in Mubadala Petroleumís drive for sustainable and profitable growth, marking our entry into Russia and adding valuable oil production to our existing portfolio. 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.'

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said: 'We welcome Mubadala Petroleumís 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'.

Mergers and Acquisitions News in Russia >>

Norway >>  12/10/2018 - Neptune Energy has completed the integration with the former VNG Norge business. The integrated business, 'Neptune Energy Norge', will be amongst the ...
United States >>  12/5/2018 - Transocean Ltd. has completed the acquisition of Ocean Rig UDW Inc. The acquisition adds nine high-specification ultra-deepwater drillships, two harsh...

United States >>  12/3/2018 - Murphy Oil Corporation (MUR) announced that its wholly owned subsidiary, Murphy Exploration & Production Company - USA, has closed the previously anno...
Ireland >>  11/30/2018 - Royal Dutch Shell plc (Shell), through its affiliate Shell Overseas Holdings Limited, has completed the sale of its shares in Shell E&P Ireland Limite...

Russia >>  11/29/2018 - An agreement to set up a joint venture for construction and operation of a network of CNG stations in Russia on the basis of Vankor UTT was signed by ...
United States >>  11/29/2018 - Transocean Ltd. announced today that its shareholders approved the acquisition of Ocean Rig UDW Inc. (Ocean Rig), by approving the proposals presente...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.