Gazprom, Petronas sign agreement for 4 blocks offshore Cuba

Russia’s Gazprom Neft announced it has signed a product-sharing contract with Malaysia’s Petronas and Cuba’s Cubapetroleo for four blocks in the Gulf of Mexico offshore Cuba.

Whereas Petronas previously held a 100% stake in the blocks, following the signing, Petronas will retain 70% while Gazprom Neft will acquire 30%. The original farm-out agreement was signed in October 2010.

"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