Gazprom Neft, Mubadala Petroleum and the Russian Direct Investment Fund (RDIF) on Sept. 5 announced the completion of a transaction establishing a joint venture to develop oil fields in the Tomsk and Omsk Regions of Western Siberia.
Gazprom Neft has now completed its sale of a 49% interest in Gazpromneft-Vostok LLC, operator of 13 fields, to Mubadala Petroleum and RDIF. Following the completion of this transaction Gazprom Neft now holds a 51% interest in the joint venture, with Mubadala Petroleum and RDIF holding 44% and 5% equity, respectively. Gazpromneft-Vostok remains a subsidiary of Gazprom Neft, and will continue to operate the fields.
The Gazpromneft-Vostok joint venture represents Mubadala Petroleum’s first investment in the Russian oil and gas sector.
The partners will determine the long-term strategy of the joint-venture, focusing on efficiency in exploration and production activities at the fields as well as at pre-Jurassic hydrocarbon deposits.
The rollback effort made by the administration of former President Donald Trump was among a string of eleventh-hour proposals aimed at maximizing energy development on public lands and waters.
The oil and gas rig count rose eight to 448 in the week to May 7, its highest since April 2020, Baker Hughes Co. said.
Marcellus and Utica shale discoveries, Diamondback completes a Wolfcamp producer in the Permian Basin plus an offshore prospect in the Gulf of Mexico’s Green Canyon Block top this week’s oil and gas drilling activity highlights from around the world.