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Gazprom Neft signs cooperation agreement with drilling companies

During the 21st World Petroleum Congress, Gazprom Neft signed three-year framework cooperation agreements with two drilling companies, C.A.T. oil (well drilling and hydraulic fracturing) and Gazprom Burenie (well drilling and workover).

Gazprom Neft and its oil production subsidiaries will determine the required scope of drilling, well workover and hydraulic fracturing services, guaranteeing that a specific number of contractor teams will be hired. In turn, the contractors will commit to ensuring the necessary productivity and the required level of technology. The document also defines terms for setting prices for the work to be performed and the mechanism for revising the scope and cost of work if necessary. Gazprom Neft signed a similar agreement with Eurasia Drilling Company (EDC) in May.

Gazprom Neft First Deputy CEO Vadim Yakovlev, commented: “For several years now, Gazprom Neft has hired independent contractors under market terms to provide drilling and downhole operations. During this time, we have studied the capabilities of our partners carefully and have established a pool of companies which meet the best industry standards and match our productivity requirements, and with whom we are ready to collaborate on a long-term basis.”