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August 30, 2007

Meeting on phase one of Shtokman field development held

Today Alexander Ananenkov, Acting Chairman of the Gazprom Management Committee moderated a meeting at the Gazprom Headquarters on the execution of phase one of the Shtokman field development project.

Present at the meeting were Alexander Medvedev and Valery Golubev, Deputy Chairmen of the Gazprom Management Committee, Vasily Podyuk, Member of the Gazprom Management Committee, Head of the Gas, Gas Condensate and Oil Production Department, heads and specialists of the core business units of Gazprom, Sevmorneftegaz, VNIIGAZ and Giprospetsgaz.

The participants discussed the major issues as regards the execution of phase one of the Shtokman field project. Particularly, the meeting examined the issues related to the allocation of the primary upstream infrastructure as well as to the organization of the project related activities and construction work while utilizing to a maximally possible extent the Russian scientific and production potential. Additionally, the meeting reviewed the progress with talks conducted with the foreign partners on possible participation in phase one implementation of the project.

As a result of the meeting the Company’s core business units and subsidiaries were given the relevant instructions aimed at implementing the Shtokman field project strictly on schedule, which ensures synchronization of gas production start-up, supply via the pipeline and LNG production with the Gazprom long-term gas balance.


On July 13, 2007, Gazprom and Total S. A. Holding signed a Framework Agreement on the Main Conditions of cooperation within phase one of the Shtokman gas condensate field development project.

Pursuant to the Agreement, the parties will establish a special-purpose company to manage engineering, financing, construction and operation of phase one infrastructure of the Shtokman field project. The company will be the owner of this infrastructure during 25 years, starting from the moment the field is put on stream. The Gazprom stake in the new company’s authorized capital will be 75 per cent, while Total will receive 25 per cent.

The Agreement envisions a possibility to attract other international partners with the cumulative involvement up to 24 per cent, with a respective change of the Gazprom stake to 51 per cent.

Phase one stipulates production of 23.7 bcm of natural gas per annum, with gas deliveries startup via the pipeline in 2013, and LNG supply - in 2014.

The Shtokman field is located at the central part of shelf of the Russian segment of the Barents Sea.

As confirmed by the State Commission on Mineral Reserves of the Ministry for Environmental Protection and Natural Resources of the Russian Federation in January 2006, ?1+?2 field reserves amounted to 3.7 bcm of natural gas and over 31 million tons of gas condensate.

Sevmorneftegaz (a 100 per cent affiliate of Gazprom) holds the license for natural gas and gas condensate prospecting, geological survey and production in the Shtokman field, and acts as the sole customer for engineering and construction of the field development infrastructure: production complex, pipeline networks and LNG production complex.

In October 2006 the Gazprom Management Committee decided to give priority to the pipeline gas deliveries from the Shtokman field to the European market. It was determined that Shtokman field was identified as a resource base for the Russian gas export to Europe via the Nord Stream gas pipeline.




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