Mubadala Petroleum and Gazprom Neft agreed to work together in developing new technologies that include the development of innovative solutions in oil production and digitalization of production processes. Opportunities for technological cooperation in other areas will be investigated by both parties.
The Memorandum of Cooperation builds on the parties’ existing Gazpromneft-Vostok joint venture. In Western Siberia (the Tomsk and Omsk regions), the development of 12 fields handled by the JV.
This JV 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, where developing and implementation of such technologies could result in production at the deposits increasing to 28 million tonnes from 3.3 million tonnes.
Throughout Western Siberia, more than 25 billion tonnes predicted as the total reserves in place at Paleozoic deposits. Alongside Gazprom Neft and the Russian Direct Investment Fund, Mubadala Petroleum holds a 44 percent interest in the Gazpromneft-Vostok JV.