Meeting on Yamal megaproject implementation held

RELEASE

The Gazprom Headquarters hosted today a working meeting dedicated to implementing the megaproject for the Yamal Peninsula field development. The meeting was moderated by Alexander Ananenkov, Deputy Chairman of the Company's Management Committee.

Taking part in the meeting were Members of the Gazprom Management Committee: Oleg Aksyutin, Head of the Gas Transportation, Underground Storage and Utilization Department and Vasily Podyuk, Head of the Gas, Gas Condensate and Oil Production Department, as well as heads of the Gazprom relevant subdivisions and subsidiary companies – Gazprom dobycha Nadym, Gazprom transgaz Ukhta, Gazkomplektimpex, Gazpromtrans , Yamalgazinvest, VNIIGAZ and VNIPIgazdobycha.

The meeting addressed the issues of the Bovanenkovo oil and gas condensate field (OGCF) pre-development, the Bovanenkovo – Ukhta gas trunkline system project implementation, as well as the progress in the Obskaya – Bovanenkovo railroad construction.

The meeting participants noted that the entire scope of work related to the megaproject implementation was being done on schedule. The activities planned for 2008 are almost finished. A potent stockpile has been created and preparations made for executing works during the winter construction season of 2008–2009.

During the current year the Bovanenkovo OGCF saw the construction of the top-priority vital infrastructure, as well as fire protection, sanitation & epidemiology, environmental safety industrial bases and transportation infrastructure facilities.

A total of 29 prioritized construction facilities are planned to be commissioned in the Bovanenkovo OGCF in 2008.

During the construction of the Bovanenkovo – Ukhta unique gas trunkline system nearly 40 km of pipelines were laid in 2008 in its most complicated section – the submerged crossing via the Baidarata Bay. Pipes and equipment are being delivered, construction sites are under preparation. The preparation work is underway to construct the Baidaratskaya compressor station. The entire scope of works has been completed to start drilling the first well in cluster #33.

“The complex development of the Yamal fields will demand applying cutting-edge technical solutions. The most advanced financial and organizational approaches will also be used here with due regard of Gazprom's wide experience of polar fields development. The Yamal megaproject must be both timely implemented and maximally cost-effective,” underscored Alexander Ananenkov.

Based on the meeting results the relevant subdivisions and subsidiary companies were entrusted with the appropriate tasks.

Background

In January 2002 the Gazprom Management Committee identified the Yamal Peninsula as a region of the Company's strategic interest. The commercial development of Yamal fields will increase local gas production to 300 bcmpa. Accessing Yamal is of utter importance for the purpose of ensuring gas production growth. The Cenomanian-Aptian deposits of the Bovanenkovo field are a paramount development target on the Yamal. It is anticipated to increase the projected gas production at the Bovanenkovo field from current 115 bcmpa to 140 bcmpa in the long-term. In order to deliver the extracted gas to the UGSS, it is necessary to build a 2,500-km-long gas transportation system including the new 1,100-km-long Bovanenkovo – Ukhta gas transportation corridor – gas trunkline system. In October 2006 the Gazprom Management Committee ordered to initiate the investment stage of the Bovanenkovo field development and gas main network construction. The Gazprom specialized divisions were entrusted with ensuring in the third quarter of 2011 the commissioning of the first startup complexes to pre-develop the Bovanenkovo field rated at least at 15 bcm of gas, as well as of the Bovanenkovo – Ukhta gas trunkline system.

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