Gazprom Neft, Schlumberger Sign Technological Co-operation Agreement

May 31, 2011

Gazprom Neft and Schlumberger announce that they have signed a technological co-operation agreement to increase efficiency of hydrocarbon exploration and production at Gazprom Neft's deposits, both in Russia and abroad.

Following the signing of the agreement, a coordination committee made up of representatives from both companies has been formed. The co-operation will allow Gazprom Neft to make more effective choices with regard to the new technologies offered by Schlumberger as well as expand opportunities for executive staff training.

"Our joint efforts are aimed at establishing a productive business relationship and adapting Schlumberger’s cutting edge technology to Gazprom Neft's needs in order to achieve the best results. This will lead to cutting development costs whilst simultaneously increasing production by ensuring the technological integration of Gazprom Neft’s current projects, both in Russia and abroad", commented Boris Zilbermints, Gazprom Neft's Deputy CEO for Exploration and Production.

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