Cuba Derechos Humanos

Gazprom Neft takes 30 pct in Cuban shelf oil project

Gazprom Neft takes 30 pct in Cuban shelf oil project
11:28 01/08/2011
HAVANA, August 1 (RIA Novosti)

Gazprom Neft, the oil arm of energy giant Gazprom, has bought a 30
percent stake in a project to develop four blocks on the Cuban shelf of
the Gulf of Mexico, the company said on Monday.

Gazprom Neft, Cuba's national oil company Cubapetroleo and Malaysia's
oil and gas company Petronas signed a production sharing agreement for
the project on July 29. Petronas owns 70 percent in the project, Gazprom
Neft said in a statement.

The project will be financed by the participants in proportion to their

Manuel Marrero, a member of the Cuba Commission for the Exclusive
Economic Zone in the Gulf of Mexico, said he hoped Gazprom Neft would
increase its participation in the project after the discovery of the
first oil, which may be drilled at the beginning of 2012.

Gazprom Neft plans to produce about 10 percent of its overall
hydrocarbon output abroad by 2020.

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