Gazprom Neft and Weatherford announce the signing of a strategic cooperation agreement that will enable technology collaboration through frequent knowledge and information sharing.

The experts of Gazprom Neft and Weatherford will jointly explore opportunities to determine the right technology solutions for the development and production of the oil fields. This will take into consideration the specific features and nature of the projects to ensure efficiency and effectiveness. In addition, Weatherford will hold specialized workshops to introduce Gazprom Neft subject matter experts to the technology application principles, including solutions applied in the development of their hydrocarbon resources.

Vadim Yakovlev, First Deputy General Director, Gazprom Neft, stated: “As a leader in the Russian oil industry in terms of certain economic efficiency indicators, our company is in constant search for solutions that will enable us to implement increasingly complex projects, while improving our operating results through the use of the most environmentally-friendly technologies. We are glad to cooperate with Weatherford and other leading international oilfield service companies, and adopt their experience, know-how and resources to enhance our capabilities and the highest implementation into our reserves development.”

Commenting on the signing, Lance Marklinger, Weatherford Region Vice President for Russia, said, “We are pleased to formalize our strategic partnership with Gazprom Neft and look forward to collaborating closely with their specialists in developing the processes and technologies best suited to optimizing the production potential of their field development projects. The signing of this agreement supports the expansion of our current relationship and will undoubtedly prove to be beneficial in achieving the long term strategic goals of both organizations”.

About Weatherford

Weatherford is among the largest global oil and gas service providers, delivering innovative technologies and services for formation evaluation, well construction, completion, stimulation, and production. The company’s global network spans more than 100 countries and 680 service locations and 13 research, development, and training facilities.

Gazprom Neft previously concluded cooperation agreements with oil companies such as Schlumberger. Halliburton as well as with the drilling companies C.A.T oil AG, Gazprom Burenie and Eurasia Drilling Company (EDC)

About Gazprom Neft

Gazprom Neft is a vertically integrated oil company primarily engaged in oil & gas exploration and production (E&P), the sale and distribution of crude oil, and the production and sale of petroleum products.

The company’s proven SPE (PRMS) hydrocarbon reserves exceed 1.2 billion tonnes of oil equivalent (toe), placing it among the world’s 20 largest oil companies.

The company operates in many of Russia’s prominent oil and gas regions including Khanty-Mansiysk (Yugra), Omsk, Orenburg, Tomsk, and Yamalo-Nenets. Gazprom Neft’s major refining facilities are located in Moscow, Omsk, and Yaroslavl, and it also has refineries in Serbia. Apart from its upstream activities in Russia, the company is involved in international E&P, including projects in Iraq and Venezuela.