Russia’s Gazprom Neft enters Cuban shelf proj with 30% stake

MOSCOW, Aug 1 (PRIME) — Russian oil major Gazprom has entered into a project to develop four hydrocarbon blocks on the Cuban shelf, after having acquired a 30% stake from Malaysias Petronas, Gazprom Neft said in a statement Monday.

Specifically, Gazprom Neft, Petronas, and Cuban company Cubapetroleo (Cupet) have signed a supplementary agreement to a production sharing agreement concluded between Petronas and the Cuban government in 2006.

Following the deal, Petronas retains 70% in the project.

The projected total reserves are estimated at 400 million tonnes of oil equivalent.


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