Gazprom Neft signs Memorandum of Cooperation with Saudi Aramco
Gazprom Neft has signed a Memorandum of Cooperation with Saudi Aramco, the national oil company of Saudi Arabia, to extend their partnership in oil and gas industry. Signatories to the document were Alexander Dyukov, CEO of Gazprom Neft, and Amin H. Nasser, President and CEO, Saudi Aramco.
Cooperation between Gazprom Neft and Saudi Aramco envisages collaboration in various areas, including drilling and well workover technologies, improvements to pumping systems, and the development of large-scale non-metal pipes. The parties also plan to discuss perspectives for collaboration in research and development and experimental engineering works, as well as options for applying innovative solutions to a wide range of technological challenges. A separate area of collaboration could include employee training at both companies’ production facilities.
Furthermore, according to the signed document the two parties could collaborate on the production of equipment for oil and gas field development, by localising production either in Russia or Saudi Arabia.
Alexander Dyukov, CEO of Gazprom Neft, commented: “Given the ongoing macroeconomic uncertainties, it is of paramount importance that major oil producers coordinate their activities to improve the stability of the global oil and gas market. An important component of such engagement concerns sharing cutting-edge technological solutions and working together to improve efficiency in oil production and refining.”
Notes for Editors
Saudi Aramco is the national oil company of Saudi Arabia, 100-percent controlled by the Government of Saudi Arabia. The world’s largest oil company in terms of oil production and reserves, Saudi Aramco controls fields with oil reserves totalling approximately 260.8 billion barrels (99 percent of Saudi Arabia’s reserves), accounting for about a quarter of the world’s explored oil reserves.
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