MOSCOW, June 7 (RIA Novosti) – Gazprom Neft, the oil arm of Russian energy giant Gazprom, is preparing to quit a project to develop two blocks off the West African coast, the company's first deputy CEO Vadim Yakovlev said on Friday, referring to the results of exploration.
Gazprom Neft signed an agreement with Guinea Ecuatorial de Petrоleos (GEPetrol) on exploring and developing Equatorial Guinea's offshore blocks in 2011 after preliminary assessments showed the deposits could contain up to 110 million tons of oil equivalent.
“We see no prospects in Equatorial Guinea. Now we are planning, preparing to withdraw from that country,” Yakovlev said.
Gazprom Neft’s plans to quit the Equatorial Guinea project may come as a setback for the company, which had announced plans to build up "a portfolio of international assets, which by 2020 should account for around 10 percent of consolidated hydrocarbon production,” according to the company’s website.
Yakovlev also said Gazprom Neft was currently estimating the economic prospects for developing oil deposits off Cuba.
Gazprom Neft CEO Alexander Dyukov said the Equatorial Guinea authorities were interested in Gazprom Neft’s presence in the country and were preparing new proposals for the oil company, which they would present soon.