UAE, Russia sign deal to develop Siberian oil fields

Mubadala Petroleum chief executive Bakheet Al Katheeri, (L), Gazprom Neft first deputy chief executive Vadim Yakovle and RDIF first deputy chief executive Anatoly Braverman, (R) Mubadala Petroleum

The UAE and Russia have agreed a deal which will see them developing the oil fields in western Siberia.

According to the deal, details of which were made public yesterday, the Abu Dhabi-owned Mubadala Petroleum will own 44 per cent of the venture while Russia’s Gazprom Neft holds a 51 per cent stake, with the remaining five per cent being held by the Russian Direct Investment Fund.

The statement did not indicate the value of the project, but said it was Mubadala’s first investment in the oil and gas sector in Russia.

The project’s oil fields are located in the Tomsk and Omsk regions of western Siberia, which have proven oil reserves of about 40 million tonnes (300 million barrels).

Oil produced from the fields reached 33,000 barrels per day in 2017.

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