Gazprom Neft and Mubadala Petroleum expand technological cooperation
12th February 2020
Gazprom Neft and Mubadala Petroleum have entered into a Memorandum of Cooperation on technological collaboration.
Gazprom Neft and Mubadala Petroleum have agreed to work together in developing new technologies – key areas in this collaboration being the development of innovative solutions in oil production, and digitalisation of production processes. The parties will also investigate opportunities for technological cooperation in other areas.
Gazprom Neft and Mubadala Petroleum are partners in the Gazpromneft-Vostok joint venture, which manages the development of 12 fields in the Tomsk and Omsk regions of Western Siberia. This joint venture is also involved in implementing a technological project – the “Paleozoic Project” – directed at developing technologies for discovering hard-to-recover oil deposits within Jurassic formations throughout the Tomsk region.*
Vadim Yakovlev, Deputy CEO for Upstream, Gazprom Neft, commented: “Gazprom Neft and Mubadala Petroleum are united not just in profitable collaboration through the joint venture, but in sharing the same priorities in technological development. This Memorandum creates the potential for us to expand our cooperation both in improving efficiency in the joint venture, and in new technological initiatives.”
Dr Bakheet Al Katheeri, CEO, Mubadala Petroleum, added: “This strategic cooperation agreement will see both Mubadala Petroleum and Gazprom Neft working closely together to develop new technologies and digital processes for efficient and sustainable oil production. Mubadala Petroleum is very pleased to cooperate with such a technology savvy partner as Gazprom Neft while further expanding our relationship beyond the Gazpromneft-Vostok joint venture.”
Gazprom Neft: Gazprom Neft is a vertically integrated oil company primarily engaged in oil and gas exploration and production, refining, and the production and sale of petroleum products. Gazprom Neft’s corporate structure encompasses more than 70 exploration and production, refining, and retailing enterprises in Russia, the CIS and worldwide.
Gazprom Neft’s products are sold throughout Russia and exported to over 50 countries worldwide. The company’s filling station network has more than 1,800 stations throughout Russia, the CIS and Europe.
The company is a market leader in terms of both financial growth and various efficiency metrics, including its internal rate of return (IRR). The company’s majority shareholder is Gazprom PJSC (95.68 percent), with the remaining shares in free circulation.
Development and implementation of new technologies is a priority area of focus in the development of Gazprom Neft. For more information, please visit www.gazprom-neft.com/technologies/.
Mubadala Petroleum is an international oil and gas exploration and production company, headquartered in Abu Dhabi, and a wholly-owned subsidiary of Mubadala Investment Company (Mubadala). Mubadala Petroleum manages assets and operations now spanning 10 countries, with a primary geographic focus on the Middle East and North Africa, Russia and Southeast Asia and current working interest production is approximately 360,000 barrels of oil equivalent per day.
Mubadala Petroleum holds a 44 percent interest in the Gazpromneft-Vostok Joint Venture alongside partners Gazprom Neft and the Russian Direct Investment Fund. The Gazpromneft-Vostok Joint Venture is focused on the development and production of oil reserves in Western Siberia.
