By Anna Shiryaevskaya - Nov 15, 2010 6:40 PM GMT+0100
OAO Gazprom Neft has signed an agreement with Malaysia's Petroliam
Nasional Bhd., known as Petronas, to buy a 30 percent stake in a project
to develop four blocks off Cuba, as the Russian oil producer expands abroad.
The agreement requires approval by Cuban authorities to become
effective, Gazprom Neft, the oil arm of Russia's natural- gas export
monopoly, said today in an e-mailed statement.
"Gazprom Neft's partnership with Petronas will enable the company to
further extend its geographic reach and strengthen its position in the
global market," Gazprom Neft Chief Executive Officer Alexander Dyukov
said in the statement.
Gazprom Neft is seeking to expand abroad in Venezuela, Equatorial Guinea
and Iraq as it aims to almost double output to 2 million barrels a day
in 2020.
Petronas and the Cuban government signed a production sharing agreement
for Blocks 44, 45, 50 and 51 in the Gulf of Mexico in 2007, according to
Gazprom Neft. The first exploration drilling is scheduled for 2011,
Gazprom Neft said.
To contact the reporter on this story: Anna Shiryaevskaya in Moscow at
ashiryaevska@bloomberg.net
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