Mubadala Petroleum, Gazprom to Expand Technological Cooperation

UAE's Mubadala Petroleum and Russia's Gazprom Neft have agreed to work together in developing new technologies in oil production, and digitalisation of production processes.

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.

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

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.”