The Gazprom Management Committee adopted the 2011–2013 Program for Geological Exploration in Russia and abroad.

The Committee also considered the information on elaboration of the action plan for exploration efficiency improvement in Gazprom.

Background:

Programs for geological exploration in Russia and abroad are elaborated by Gazprom under the basic geological exploration strategies ensuring:

- pre-treatment of hydrocarbon reserves at Gazprom’s licensed blocks located within the Unified Gas Supply System operation area;

- establishment of a resource base for new gas production centers in eastern Russia in the aim of implementing the Development Program for an integrated gas production, transportation and supply system in Eastern Siberia and the Far East, taking into account potential gas exports to China and other Asia-Pacific countries;

- pre-treatment of hydrocarbon reserves in Russia’s offshore areas in order to achieve the strategic objectives provided for in the Program for the gas industry’s mineral resource base development until 2030;

- compliance with Gazprom’s obligations related to international projects.

Starting from 2005 Gazprom has been confidently adding hydrocarbon reserves through geological exploration on an annual basis, which enables to offset production levels. The gas reserves growth rate is steadily higher than 1.

Gazprom performs geological exploration in Russia and abroad (Vietnam, Venezuela, Libya, Algeria, Uzbekistan, Tajikistan and Kyrgyzia). In a number of countries of Asia, North and Central Africa, Central and South America the Company carries out intensive prospecting, licensing and pre-investment activities.