Gazprom Neft and Weatherford sign strategic cooperation agreement

10 September 2014

Gazprom Neft and Weatherford today 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”.