The Board of Directors’ meeting has adjourned at the Gazprom Headquarters.

The Board of Directors approved the work done by Gazprom’s executive bodies relevant to the resource base expansion and Russian offshore fields pre-development.

The Board of Directors entrusted the Management Committee with the following tasks:

- to adjust before the year-end a Program of Gazprom’s activities aimed at hydrocarbon resources development on the Russian Federation shelf until 2030 (taking into account new offshore licenses);

- to proceed with bringing onstream the top-priority fields on the Russian Federation shelf: Prirazlomnoye oil field in 2011, Shtokman gas and condensate field in 2013 and Kirinskoye gas and condensate field in 2014;

- to continue cooperating with the federal authorities on the government support measures when developing Russian shelf;

- to prepare a plan of actions on staffing and organizational support for field development projects of on Russia’s shelf;

- to continue the resource base preparation and offshore field development beyond Russia.

- The Board of Directors also took into account the information on the progress in implementing the key principles of Gazprom’s financial strategy under the global capital market crisis.

Background:

According to Russia’s Natural Resources Ministry, the initial aggregate hydrocarbon resources of Russia’s continental shelf account for 90.4 billion tons of fuel equivalent, of which 82 per cent is gas. The bulk of the hydrocarbon resources (around 70 per cent) is concentrated in the Barents, Pechora and Kara Seas, with gas and condensate prevailing in the Barents and Kara, and oil – in the Pechora Sea.

The Program for Gazprom’s activities aimed at hydrocarbon resources development on the Russian Federation shelf until 2030 was elaborated in fulfillment of the resolution of the Company’s Management Committee “On the Concept of Gazprom’s activities on the Russian Federation shelf”, dated November 27, 2003. The basic provisions of the Program were approved by the Gazprom Management Committee in September 2005.

The Arctic offshore is recommended by the Program as a sector of paramount study, resource base development and new oil & gas extraction provinces formation.

Between 2005 and 2008 the implementation of geological exploration on the Russian shelf increased Gazprom’s reserves by more than 1.54 billion tons of fuel equivalent. The expected growth of Gazprom’s hydrocarbon reserves on the Russian shelf between 2009 and 2020 will reach in the order of 5.6 billion tons of fuel equivalent.

Gazprom considers the Barents, Kara, Pechora and Caspian Sea shelves, the Ob and Taz Bays offshore areas and the Okhotsk Sea shelf to be the most promising areas.

At present, Gazprom holds 13 licenses for the right to use the subsurface resources of Russia’s shelf (the Shtokman, Prirazlomnoye, Kamennomysskoye-Sea, Severo-Kamennomysskoye, Dolginskoye, Obskoye, Chugoryakhinskoye, Semakovskoye, Antipayutinskoye, Tota-Yakhinskoye, Kruzenshternskoye, Kirinskoye fields and the Ob Bay area).

The prime development targets for Gazprom on Russia’s shelf are the Shtokman, Prirazlomnoye and Kirinskoye fields, as well as the Sakhalin II project implementation.

Gazprom is performing geological exploration in the Caspian Sea offshore: In 2008 TsentrCaspneftegaz (a joint venture of Gazprom and LUKOIL on a parity basis) discovered a major oil and gas condensate field within the Tsentralnaya structure.

Geological exploration is also in progress offshore Venezuela, Vietnam, India and Libya. In 2007 the Joint Operating Company of Gazprom and Vietnam Oil and Gas Corporation Petrovietnam – Vietgazprom discovered the Bao Wang (Golden Panther) gas and condensate field offshore Vietnam in the Gulf of Bac Bo.