* The “Paleozoic Project” has been put in place to develop proven technologies for hydrocarbon exploration and prospecting at Jurassic formations. The project comprises two main areas: research and development, and exploratory drilling. Work on the project is being undertaken by geological services at Gazpromneft-Vostok and the Bazhen Technology Centre, in close collaboration, together with Tomsk Polytechnic University and other organisations and higher educational institutions in the Tomsk region. A Cooperation Agreement on developing hard-to-recover reserves was signed between Gazprom Neft and the Tomsk Oblast in 2016. The “Paleozoic Project” was initiated in 2017.
Developing and rolling out effective tools for discovering Paleozoic deposits throughout Western Siberia is expected to result in production at these deposits increasing from 3.3 to 28 million tonnes. Total reserves in place at Paleozoic deposits throughout Western Siberia are estimated at more than 25 billion tonnes.
Mubadala Petroleum is an international oil and gas exploration and production company, headquartered in Abu Dhabi, and a wholly-owned subsidiary of Mubadala Investment Company (Mubadala). Mubadala Petroleum manages assets and operations now spanning 10 countries, with a primary geographic focus on the Middle East and North Africa, Russia and Southeast Asia and current working interest production is approximately 360,000 barrels of oil equivalent per day.
Mubadala Petroleum holds a 44 percent interest in the Gazpromneft-Vostok Joint Venture alongside partners Gazprom Neft and the Russian Direct Investment Fund. The Gazpromneft-Vostok Joint Venture is focused on the development and production of oil reserves in Western Siberia.
For more information, please visit www.mubadalapetroleum.com.