Gazprom Neft, Mubadala Sign Tech Pact

Gazprom Neft, is the third largest oil producer in Russia, and Mubadala Petroleum (Abu Dhabi, UAE) have entered into a memorandum of understanding in the field of technological cooperation.

The partners agreed to work together to create new technologies that include the development of innovative solutions in oil production and digitization 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.

Vadim Yakovlev Deputy CEO for Upstream, Gazprom Neft (SIBN.ME) said: “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”.

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”.