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At the end of 2010, Gazprom Neft and the Malaysian oil company, Petronas, signed an agreement for the reassignment of an interest and key provisions for joint work related to geological exploration and subsequent development of four offshore blocks on the continental shelf near Cuba.

The signed documents provide for the reassigment of 30% of the project to Gazprom Neft. The Company shall compensate Petronas part of the costs incurred, and will participate in the financing of the current activities in proportion to its stake.

Prior to joining the OJSC Gazprom Neft project, Petronas was the only participant in the project. The agreement provides for exploration at four sites with the possibility of further oil production up to 2037 and gas production – up to 2042. In the framework of the existing agreement the seismic survey has been held 2D, for 2012, it was planned to dril of the first exploration well. The results of drilling have identified no commercial quantities of oil and gas – until 2042. No commercial oil quantities have been identified in the course of drilling.


Cuba
4
sea blocks
(geological exploration)
OJSC Gazprom Neft share 30 %
KEY EVENTS OF 2012
  • Drilling of the first exploration well (August 2012) completed.
  • Analysis of first exploration well drilling results performed.
OBJECTIVES AND DELIVERABLES FOR 2013 TO 2015:
  • Exploring new opportunities for developing the Cuban resource base.

TOOLS:

Compared to 2011
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