• Submitted by: manso
• Business and Economy
• 08 / 02 / 2011

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By Alexander Kolyandr, Dow Jones Newswires. AUGUST 1, 2011, 8:17 A.M. ET. MOSCOW (Dow Jones)--Russian oil producer OAO Gazprom Neft (SIBN.RS), which is controlled by state gas company OAO Gazprom (GAZP.RS), said Monday it has signed a product-sharing contract on four blocks in the Gulf of Mexico off-shore Cuba with Petronas (6033.KU), the Malaysian national oil company, and Cubapetroleo (Cupet), the Cuban national oil company.

Following the signing, Gazprom Neft becomes a party in the contract and acquires 30% stake in the project, while Petronas retains 70% in the project.

Prior to the agreement Petronas had a 100% stake in the project.In October 2010, Gazprom Neft and Petronas signed the Farm-out Agreement.

"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," Alexander Dyukov, chairman of Gazprom Neft management board said.

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.

Source: http://groups.yahoo.com/group/CubaNews/message/125369