Gazprom Neft, Mubadala Petroleum expand technological cooperation

Gazprom Neft and Mubadala Petroleum, Abu Dhabi, agreed to work together in developing new technologies that include the development of innovative solutions in oil production and digitalization of production processes. The parties also will investigate opportunities for technological cooperation in other areas.

The Memorandum of Cooperation builds on the parties’ existing Gazpromneft-Vostok joint venture, which manages the development of 12 fields in the Tomsk and Omsk regions of Western Siberia (OGJ Online, May 25, 2018). 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, where developing and implementation of such technologies could result in production at the deposits increasing to 28 million tonnes from 3.3 million tonnes, Gazprom said. Total reserves in place at Paleozoic deposits throughout Western Siberia are estimated at more than 25 billion tonnes.

Mubadala Petroleum holds a 44% interest in the Gazpromneft-Vostok JV alongside Gazprom Neft and the Russian Direct Investment Fund.