On meeting with regard to bringing on stream oil reserves

Today, at the Gazprom Headquarters Alexander Ananenkov, Deputy Chairman of the Gazprom Management Committee convened a meeting dedicated to bringing on stream Gazprom’s oil reserves.

The meeting was attended by heads and employees of Gazprom’s core businesses and a number of subsidiaries including Gazprom Neft.

The participants emphasized that development of oil business is fundamentally important for Gazprom and will enable to strengthen its position of vertically integrated energy company on the internal and external markets. Additional conditions to increase market capitalization and Gazprom’s financial figures improvement will be stimulated by active involvement of Gazprom’s oil reserves.

Oil fields exploration (Gazprom owns licenses for oil field development) will be managed by Gazprom Neft. Therefore the participants discussed the progress of the Agreements preparation between the license owners and Gazprom Neft for exploration of the Novoportovskoye, Tazovskoye, Prirazlomnoye and Dolginskoye fields. The license owners will sign contracts with Gazprom Neft for construction of oil production facilities aimed at providing commissioning of said fields.

Signing of the contracts is one of the stages for implementing the company’s strategy on the oil sector. Attracting the Gazprom Neft’s specialists for Gazprom’s oil assets development will enable to use significant professional experience in the oil fields exploration sector using modern technologies.

The meeting expressed common opinion to set up Working Groups for synchronizing work on preparation of the standard contracts with Gazprom Neft for field development and providing operational services.

Information Directorate, OAO Gazprom

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