The Gazprom Headquarters hosted today a meeting moderated by Alexander Ananenkov, Deputy Chairman of the Company’s Management Committee on Novoportovskoye oil and gas condensate field development by Gazprom neft.

Participating in the meeting were Vasily Podyuk, Member of the Management Committee, Head of the Gas, Gas Condensate and Oil Production Department, Gazprom, Alexander Dyukov, Chairman of the Management Committee, Gazprom neft, as well as heads and experts of the relevant subdivisions of Gazprom, Gazprom dobycha Nadym and Gazprom neft.

The meeting participants reviewed the progress in preparation for the Novoportovskoye field commissioning, the current status of the project implementation and the project schedule for 2009–2010, as well as the issues related to operations funding until the field license is handed over to Gazprom neft.

According to the meeting results, the relevant subdivisions of Gazprom and Gazprom neft were assigned respective tasks.

Background

On September 27, 2006 the Board of Directors approved the Company’s Oil Business Strategy.

Pursuant to the Strategy, Gazprom will achieve the production level of 80 million tons by 2020.

In order to reach this level, the Company is planning to work in the following areas:

- bringing all the explored oil fields of Gazprom neft onstream on a by-stage basis (with due regard of the company’s 50 per cent stake in Slavneft);

- bringing Gazprom’s reserves onstream;

- expanding the resource base.

In February 2008 an extended meeting of the Gazprom neft Management Committee considered and approved the petroleum company’s Strategic Development Concept through to 2020. The Concept is subject to approval by the Board of Directors of Gazprom neft.

Under the Concept, Gazprom neft is planning to increase oil production to 90–100 million tons per annum by 2020 with account of all the subsidiaries, fields owned by Gazprom, resource base expansion, new acquisitions in Russia and abroad.

In order to meet the above objectives, Gazprom neft has taken a series of efforts and commenced the implementation of projects in various fields.

In particular, elaboration of a detailed action plan commenced to involve Gazprom neft in developing Gazprom’s oil assets; Gazpromneft – Yamal was set up to produce gas at the Novoportovskoye field.

Novoportovskoye oil and gas condensate field is located in the Yamal-Nenets Autonomous Okrug. Gazprom dobycha Nadym (a wholly-owned subsidiary of Gazprom) is the license holder.