Today the Gazprom Headquarters hosted a meeting on adjusting the Program for the gas industry’s mineral resource base development until 2030 moderated by Alexander Ananenkov, Deputy Chairman of the Company’s Management Committee.

Participating in the meeting were Vasily Podyuk, Member of the Gazprom Management Committee, Head of the Gas, Gas Condensate and Oil Production Department, as well as heads and specialists of the specialized structural units of Gazprom and Gazprom VNIIGAZ.

The meeting participants discussed the proposals made by Gazprom VNIIGAZ on the Program adjustment.

It was noted that the proposals had been elaborated with due regard to the new gas production centers formation in Russia: Yamal, Eastern Siberia, the Far East and the Arctic shelf. The Program adjustment is required due to an increased number of licenses held by Gazprom and the Company’s plans to step up its activities related to the mineral resource base development abroad.

Based on the meeting results, the relevant structural units of Gazprom and its subsidiaries were assigned respective tasks. Gazprom VNIIGAZ was tasked to continue work on evaluating Gazprom’s mineral resource base development prospects.

Background:

The Program for the gas industry’s mineral resource base development until 2030 was worked out and approved by the Gazprom Management Committee in 2002. The Program defines major areas of the geological exploration activities and the license policy of Gazprom.

While implementing the Program in 2002–2008, 23 new petroleum fields and 47 deposits were discovered.

Since 2005 the Company has been steadily building up the annual increase in hydrocarbon reserves owing to a large scope of geological exploration activities overbalancing the annual production level.

In 2008 exploration work resulted in a cumulative increase in Gazprom Group’s hydrocarbon reserves by 644.4 million tons of oil equivalent, including 583.4 billion cubic meters of gas, 6.9 million tons of gas condensate and 54.1 million tons of oil. The replenishment rate of gas reserves reached 1.06.