The Russian "Gazprom Neft" has completed a deal to join the project four blocks offshore Cuba in the Gulf of Mexico, the company said.
"29 July 2011" Gazprom oil ", the Cuban national oil company Cubapetroleo (CUPET) and the Malaysian national oil company Petronas signed an addendum to the production sharing agreement (PSA) for four blocks in the exclusive economic zone of the Republic of Cuba in the Gulf of Mexico," — said document.
In early July, after obtaining the approval of state authorities of Cuba, "Gazprom Neft" and Petronas signed the instrument of assignment of shares in the project.
Chairman of the Board of "Gazprom oil" Alexander Dyukova was quoted as saying in a statement, said that the cooperation with Petronas will allow the Russian company "to develop their competence in the field of offshore deepwater" and "enhance the experience of participating in projects outside Russia."
Abroad in 2020, the company plans to produce "about 10 percent" of its total production of hydrocarbons
Production Sharing Agreement (PSA) for four blocks provides for geological exploration and, if commercial reserves of hydrocarbons in deepwater oil blocks 44, 45, 50 and 51. The agreement between Petronas and the government of Cuba was signed in 2006.
In October 2010, "Gazprom Neft" and Petronas signed an agreement on the assignment of shares and the main provisions of the joint venture. The project will be in proportion to participation. The results of drilling the first exploration well partners will decide on further action within the framework of the project.
According to the Russian ambassador in Cuba, Mikhail Kamynin, the signed document is a "new word in our cooperation with Cuba in the energy sector."
"Participation" Gazprom oil "this project raises the possibility of working together in the search for and production of energy resources in the exclusive area of Cuba," — he said.
In turn, the Secretary of the Advisory Committee of Cuba’s exclusive economic zone in the Gulf of Mexico, Manuel Marrero, in an interview with Russian media noted that the Cubans "very important" presence "Gazprom oil" in the deep waters of Cuba‘s economic zone.
"We hope that after together with Petronas will be opened first (oil well), the" Gazprom oil "wake up an appetite, and she will discuss with CUPET (work) on new areas, in areas that are still available for Foreign companies ", — he said, adding that he expects to drill the first well will begin early next year.