The Board of Directors has convened on its meeting at Gazprom’s Headquarters.

The Board heard a report on the present-day condition of Gazprom’s mineral resource base management system.

The Management Committee was tasked with further enhancing the mineral resource base management system.

Reference:

Strategic development priorities for Gazprom’s mineral resource base are highlighted in the Program for Gazprom’s mineral resource base development up to 2030; Program on expanded production of Gazprom’s major marketable output: gas, condensate and oil between 2005 and 2020 and up to 2030 as well as in a range of other programs & documents endorsed by Gazprom’s Management Committee and Board of Directors.

Implementing the mineral resource base development strategy has enabled the Company to achieve between 2002 and 2005 the following results:

• Gas production increased from 521.9 bcm to 547.9 bcm;
• Gas reserves were built up by 1.9 tcm with the build-up recorded in 2005 topping production rates by 5 per cent;
• Between 2002 and 2005 the reserve replenishment coefficient averaged 87.5 per cent versus 25.5 per cent over 1998 to 2001;
• Gazprom Group’s gas reserves grew from 28.2 tcm to 29.1 tcm.

As of January 1, 2006 Gazprom Group controlled liquid hydrocarbon reserves (including Sibneft’s reserves) accounted for 2.6 bln t.