17 Sep 2018 13:06

Konstantin Karabadzhak to head Gazprom Neft JV with Mubadala

MOSCOW. Sept 17 (Interfax) - Konstantin Karabadzhak, a former executive at a number of joint ventures involving Gazprom Neft , will head the oil company's latest JV, Gazpromneft-Vostok, formed with Mubadala Petroleum in West Siberia, according to the SPARK-Interfax system.

Karabadzhak will replace Viktor Misnik in the post.

Gazpromneft-Vostok said in a statement that Karabadzhak, 43, had previously been vice president for economics and finance and a member of the management board at the Slavnet JV with Rosneft . Prior to that he was CFO at the Salym Petroleum Development (SPD) JV with Shell, and before that deputy head of Severenergia, a JV between Gazprom Neft Novatek .

Karabadzhak has also worked as project manager at McKinsey & Company.

Gazprom Neft recently completed its sale of a 49% interest in Gazpromneft-Vostok LLC, operator of 13 fields in the Tomsk and Omsk regions, to Mubadala Petroleum and the Russian Direct Investment Fund (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 oil 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 efficiencies in exploration and production activities at the fields as well as at pre-Jurassic hydrocarbon deposits.

Gazpromneft-Vostok is developing a group of mature fields at six blocks in the Tomsk and Omsk regions. It reduced oil production by 3% to 1.64 million tonnes in 2017, according to the Central Dispatching Department of the Fuel and Energy Complex (CDU TEK). Proven and probable PRMS reserves at the fields amount to about 40 million tonnes or 300 million barrels of oil equivalent. Oil from the field is sold on the domestic market and exported on the Eastern Siberia-Pacific Ocean (ESPO) pipeline.