The Gazprom Management Committee adopted the Gas Industry Mineral Resource Base Development Program until 2035.

It was noted that the Program implementation would allow adding some 20 billion tons of fuel equivalent between 2011 and 2035.

Specialized structural units were tasked to keep replenishing the mineral resource base primarily within the Unified Gas Supply System operation area, on the Russian continental shelf, in Eastern Siberia and the Far East.

Background

The Gas Industry Mineral Resource Base Development Program until 2030 has been the key document determining the Company's mineral recourse base development up till now. The Program was adopted by the Company's Management Committee in October 2002.

The Program stages in Russia:

from 2002 to 2005 – building up geological exploration activity and reaching a balance between hydrocarbons depletion and increment;

from 2006 to 2010 – stabilizing the reserves increment and setting up the foundation for their expanded replenishment;

from 2011 to 2030 – expanded replenishment of the mineral resource base.

Starting from 2005 the Company has been confidently increasing hydrocarbon reserves through geological exploration on an annual basis, which enables to offset production levels. The reserves replenishment shown by Gazprom is steadily above 100 per cent.

The Gas Industry Mineral Resource Base Development Program until 2035 envisages expanded replenishment of the mineral resource base with due consideration of changes in the reserves structure and a shift of the gas producing centers into new regions: the Yamal Peninsula, Eastern Siberia and the Far East, the Russian continental shelf.

The document gives special priority to the research and development activity that will allow for a considerable increase in the efficiency of the new fields and hydrocarbon reserves exploration and prospecting.