Gazprom Neft and Mubadala Petroleum expand technological cooperation

Moscow, February 12 - Neftegaz.RU. Gazprom Neft and Mubadala Petroleum have entered into a Memorandum of Cooperation on technological collaboration.

The companies 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 the “Paleozoic Project”, directed at developing technologies for discovering hard-to-recover oil deposits within Jurassic formations throughout the Tomsk region.*

“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”, said Vadim Yakovlev Deputy CEO for Upstream, Gazprom Neft

“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”, said Bakheet Al Katheeri CEO, Mubadala Petroleum.

Mubadala Petroleum holds a 44 % 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.