Mubadala Petroleum joins Russian venture

The oil and gas unit of a major Abu Dhabi wealth fund is planning its first major investment in Russia.

Mubadala Petroleum and the Russian Direct Investment Fund (RDIF) will acquire a 49% equity interest in Gazpromneft-Vostok to form a joint venture with Gazprom-Neft for development of oil fields in the Tomsk and Omsk regions.

Subject to approvals, Mubadala Petroleum will hold 44%, and RDIF will hold 5%.

The fields, operated by Gazpromneft-Vostok, have proved and probable reserves of 300 million bbl and produced 33,000 b/d of oil last year.