The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Helge Lund, President and Chief Executive Officer of Statoil.

The parties exchanged opinions regarding the progress in preparations for the Shtokman field development, Phase 1. It was stressed that shareholders of Shtokman Development AG spared no efforts to ensure the project execution in full compliance with the preset deadlines.

The meeting addressed the potential partnership of the companies within the Sci-Tech Cooperation Agreement in the aim of discovering new hydrocarbon fields in northern regions of Russia and Norway as well as developing exploration, production and transportation technologies for the Arctic shelf resources.

Background:

Oil and gas exploration and production are the core businesses of Statoil. The company has been producing hydrocarbons on the Norwegian continental shelf for over 35 years and is the pioneer in offshore projects implementation in harsh climatic conditions.

The government of Norway is the major shareholder of Statoil (67 per cent).

Gazprom and Statoil are partners in Phase 1 of the Shtokman gas and condensate field development.

In June 2010 Gazprom and Statoil signed the Sci-Tech Cooperation Agreement. Pursuant to the Agreement, the parties will expand cooperation in such areas as geological exploration, field development, novel technologies and equipment for hydrocarbons transportation, environmental protection of the northern seas and territories, energy saving.