Gazprom Neft, Schlumberger Sign Cooperation Agreement

OAO Gapzrom Neft (SIBN.RS), the oil arm of natural gas giant OAO Gazprom (GAZP.RS), said Monday it has signed a technological cooperation agreement with oil service giant Schlumberger Ltd. (SLB) to increase efficiency of hydrocarbon exploration and production at the company's deposits both in Russia and abroad.

"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," Gazprom Neft's Deputy Chief Executive for Exploration and Production Boris Zilbermints said.

The co-operation will allow Gazprom Neft to make more effective choices with regard to the new technologies offered by Schlumberger as well as to expand opportunities for executive staff training, the company said.

-By Alexander Kolyandr, Dow Jones Newswires; alexander.kolyandr@dowjones.com

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