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September 29, 2005

Gazpromís Management Committee approves RF offshore hydrocarbon resources exploitation to 2030 program

A Management Committee meeting has been held today at JSC Gazpromís Headquarters.

The Management Committee approved major provisions of the Gazpromís Program on the Russian Federation offshore hydrocarbon resources exploitation up to 2030.

Due business units were entrusted with further registering over 2005 to 2006 Gazpromís licenses for the Severo-Kamennomysskoye, Kamennomysskoye-Sea, Obskoye and Dolginskoye fields development.

The Management Committee issued a directive to secure Gazpromís participation between 2005 and 2006 in biddings for the licenses to exploit resources of the prospects located in the Ob and Taz Bays offshore.

In the first quarter of 2006, Gazpromís core business outlets together with VNIIGAZ Ltd and Gazflot Ltd will come up with and submit for approval paramount measures to be stepped from 2006 to 2010 for the organization of Gazpromís hydrocarbon exploration and production activities in the Russian Federation offshore.


The JSC Gazprom Program on the Russian Federation offshore hydrocarbon resources exploitation up to 2030 has been developed in compliance with the Management Committeeís 27 November 2003 Directive on the Conception of Gazpromís operations on the Russian Federation continental shelf.

The Program topicality is highlighted by the need of building Gazpromís strategy for the exploitation of oil and gas resources of Russiaís offshore being a major promising oil and gas production source.

The Program pursues the objective of underpinning the strategic directions of Russiaís offshore hydrocarbon fields development.

The initial total hydrocarbon resources of Russiaís continental shelf average 100 billion tons of fuel equivalent, of which 80 percent is gas. The bulk of the reserves are 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 Arctic offshore is recommended by the Program as a sector of paramount study, resource base development and new oil & gas extraction provinces formation. Implementing a geological exploration program between 2005 and 2030 will help increase reserves by over 14 tcm of gas and 500 mln t of oil.

A prime development target in the Barents Sea, the Shtokman gas & condensate field is being prepared for operation with the account of the need to produce liquefied natural gas for marketing purposes on international markets.

Due to the substantial resource potential, onshore transmission infrastructure availability, small sea depths and distances to the shore, the Ob and Taz Bays fields were identified as top priority gas production areas in the Kara Sea.

The rate of returns on the Program implementation is expected to account for 17.2 percent.





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