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 :
“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”.

* The “Paleozoic Project” has been put in place to develop proven technologies for hydrocarbon exploration and prospecting at Jurassic formations. The project comprises two main areas: research and development, and exploratory drilling. Work on the project is being undertaken by geological services at Gazpromneft-Vostok and the Bazhen Technology Centre, in close collaboration, together with Tomsk Polytechnic University and other organisations and higher educational institutions in the Tomsk region. A Cooperation Agreement on developing hard-to-recover reserves was signed between Gazprom Neft and the Tomsk Oblast in 2016. The “Paleozoic Project” was initiated in 2017.

Developing and rolling out effective tools for discovering Paleozoic deposits throughout Western Siberia is expected to result in production at these deposits increasing from 3.3 to 28 million tonnes. Total reserves in place at Paleozoic deposits throughout Western Siberia are estimated at more than 25 billion tonnes.

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.

About Gazprom Neft

Gazprom Neft is a vertically integrated oil company, primarily involved in oil and gas exploration and production, refining, and the production and sale of oil products. The Gazprom Neft’s corporate structure comprises more than 70 production, refining and sales subsidiaries throughout Russia, the CIS, and abroad.
The company’s proved and probable reserves (SPE-PRMS) are estimated at 2.78 billion tonnes of oil equivalent (btoe), making Gazprom Neft one of the top-20 largest oil and gas companies in the world, and one of Russia’s top three largest companies in terms of production and refining volumes. Total production in 2017 reached 89.75 million tonnes of oil equivalent (mtoe), with refining volumes of 40.1 million tonnes.
Gazprom Neft products are exported to more than 50 countries worldwide, and sold throughout the Russian Federation and abroad. The company’s filling station network totals more than 1,850 outlets throughout Russia, the CIS and Europe.

About Mubadala Investment Company

Mubadala Investment Company actively manages a worldwide portfolio supporting the vision of a globally integrated and diversified economy, through sustainable returns to its shareholder, the Government of Abu Dhabi. In March 2018, Abu Dhabi Investment Council (ADIC) joined the Group.
Mubadala’s US $225 billion (AED 830 billion) portfolio spans five continents with interests in aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, defense services, pharmaceuticals and medical technology, agribusiness and a global portfolio of financial holdings. Mubadala is a trusted partner, an engaged shareholder and a responsible global company that is committed to ethics and world-class standards.