Gazprom Neft Said Likely to Pass on African Offshore Drilling
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OAO Gazprom Neft, the oil arm of Russia’s natural gas exporter, may opt against drilling in two blocks off the West African coast after disappointing seismic studies, according to company officials.
The offshore blocks in Equatorial Guinea probably don’t contain commercial oil or gas reserves based on the research, two people at the St. Petersburg, Russia-based Gazprom Neft said, declining to be identified because of confidentiality.