Gazprom Neft, GEPetrol Ink Cooperation Agreement

- Gazprom Neft, GEPetrol Ink Cooperation Agreement

Tuesday, June 07, 2011
Gazprom Neft

Alexander Dyukov, Chairman of the Management Board of Gazprom Neft, and Candido Nsue Okomo, Director General of GEPetrol, the national oil company of Equatorial Guinea, signed a cooperation agreement in the Kremlin. The signing of the agreement was witnessed by Russian President Dmitry Medvedev and the President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo.

The document regulates key areas of cooperation between Gazprom Neft and GEPetrol within the framework of implementing Product Sharing Agreements (PSAs) signed in 2010 for geological prospecting of blocks T and U on the Equatorial Guinea shelf. In particular, the agreement sets out the fundamental principles for managing the project and the procedures for making key decisions.

The registration of Gazprom Neft Equatorial in Equatorial Guinea is currently being finalized and, once created, the company will represent Gazprom Neft in the project for geological prospecting of blocks T and U. Analysis of the results of seismological exploration conducted in February 2011 is scheduled to be completed by the end of 2011/start of 2012.

"Projects in Equatorial Guinea enable Gazprom Neft to simultaneously achieve several objectives: creating a production center in West Africa, gaining new experience of managing international projects and broadening our shelf expertise," commented Alexander Dyukov, Chairman of the Management Board of Gazprom Neft.

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Eni, PetroSA Ink Cooperation MOU for S. Africa, Abroad

- Eni, PetroSA Ink Cooperation MOU for S. Africa, Abroad

Monday, June 06, 2011
Eni S.p.A.

Eni signed with South Africa's State-owned oil company PetroSA (Petroleum Oil and Gas Corporation of South Africa) a Memorandum of Understanding establishing mutual cooperation between the companies in the country and abroad.

The parties will evaluate the eventual acquisition by either party of participating interests in upstream projects for the development of both conventional and unconventional hydrocarbons. Moreover, the parties will evaluate the opportunity to participate jointly in projects in other African countries.

According to the MoU, Eni could also supply crude oil and refined products to the South African market, which is characterized by a fast-growing demand for such products.

Eni and PetroSA will also evaluate the possibility of leasing the Saldanha storage facility strategically located for the Asian, American and European markets.

Finally, the parties will also study joint initiatives for LNG import and will evaluate the potential for long-term LNG supplies to be provided by Eni to PetroSA for both power generation and GTL in South Africa, together with the possibility for Eni to support the realization of possible new power plants.

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Eni Inks MoU for Ukraine Upstream Cooperation

Eni Inks MoU for Ukraine Upstream Cooperation

Monday, March 28, 2011
Eni S.p.A

The Minister of Ecology and Natural Resources Mykola Zlochevskiy of Ukraine and Eni CEO Paolo Scaroni signed in Kiev a Memorandum of Understanding defining the framework for possible cooperation initiatives in exploration and production of hydrocarbons in Ukraine.

The parties agreed to collaborate on the study of initiatives in conventional and unconventional oil and gas on the basis of a mutual sharing of data, competencies and technology. They also arranged to set up a joint working team that will begin the evaluation of such opportunities.

During his visit to Kiev, Eni CEO Paolo Scaroni also had the opportunity to meet with the Minister of Energy and Coal Industry Yuriy Boyko to discuss possible cooperation in Ukrainian upstream sector.