Gazprom Neft seals Cuba deal

Done deal: for Gazprom in Cuba

Gazprom Neft, the oil arm of Russian giant Gazprom, said today it has signed a product-sharing contract on four blocks in the Gulf of Mexico off Cuba with Malaysian state-owned player Petronas and Cubapetroleo (Cupet), the Cuban national oil company.

Following the signing, Gazprom Neft becomes a party in the contract and acquires 30% stake in the project, while Petronas retains 70% in the project.

Prior to the agreement Petronas had a 100% stake in the project.

The parties signed the initial farm-out agreement in October last year.

"This partnership with Petronas will help Gazprom Neft to enforce its competence in the sphere of deep-water development and expand its expertise in projects outside of Russia," Reuters quoted Alexander Dyukov, chairman of Gazprom Neft management board as saying.

Apart from Cuba, Gazprom Neft participates in international exploration and production projects in Iraq, Equatorial Guinea, Venezuela and-through its Serbian affiliate company-in Angola, Romania and Hungary.

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