Gazprom Neft takes stake in Cuba deepwater PSC

Gazprom Neft, Cubapetroleo (Cupet), and Petronas have signed a supplementary agreement to a PSC offshore Cuba.

Offshore staff

MOSCOW – Gazprom Neft, Cubapetroleo (Cupet), and Petronas have signed a supplementary agreement to a PSC offshore Cuba. This covers deepwater blocks 44, 45, 50, and 51 in Cuba’s exclusive economic zone in the Gulf of Mexico.

Following the signing, Gazprom Neft acquires 30% of the PSC, with Petronas retaining a 70% interest.

Early last month, the parties signed a joint operating agreement outlining the main principles of the operations, procedures, and mechanisms for making key decisions. Based on results of the first well, the companies will decide on a further course of action.

“This partnership with Petronas will help Gazprom Neft to enforce its competence in the sphere of deepwater development and expand its expertise in projects outside of Russia,” said Alexander Dyukove, chairman of Gazprom Neft management board.

“By 2020 we plan to have about 10% of our overall production from overseas projects,” he added.

08/02/2011

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