OAO Rosneft, Russia’s largest oil producer, is in talks to bring in Middle Eastern energy investor Mubadala Petroleum LLC at its East Siberian fields to boost funding.
They’re discussing developing the Srednebotuobinskoye and Verkhnechonsk deposits, the Russian government said today in a statement before a meeting between President Vladimir Putin and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan.
Rosneft needs to bolster funding for Siberian projects as its debt burden -- the largest among Russian companies -- and slumping oil prices erode finances. This year it agreed to sell 20 percent of its Taas-Yuryakh Neftegazdobycha unit, which owns Srednebotuobinskoye, to BP Plc. It may also sell a stake in that unit to Skyland Petroleum, a firm backed by Chinese investors.
Mubadala Petroleum, based in Abu Dhabi, is an oil and gas explorer active in 12 countries, according to its website.