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GAZPROM

December 24, 2003

Gazprom, Rosneft and Surgutneftegaz adopted the consortium agreement

Today, Alexey Miller, Gazpromís Management Committee Chairman, Sergey Bogdanchikov, Rosneftís President and Vladimir Bogdanov, Surgutneftegazís Director General, signed the Consortium Agreement. The participants determined Eastern Siberia and the Republic of Sakha (Yakutia) as the territory of mutual interests.

The parties agreed to join efforts on developing oil and gas fields and creating the United Gas Transportation System in these regions. The parties intend to deepen cooperation with the local authorities, in particular, to jointly elaborate Program on Social and Economic Development of Eastern Siberia and the Republic of Sakha (Yakutia), with the consideration of terms determined for the development of oil and gas fields.

While each project of the Consortium will have a separate organizational and legal framework and property structure, general management and control will be vested upon the Integrated Managing Committee.

At a working meeting also held today at Gazpromís headquarters, Alexey Miller and Vladimir Bogdanov discussed the details of the Consortiumís membersí cooperation.

Reference:

On November 21, 2003, A. Miller, S. Bogdanchikov and V. Bogdanov reached an agreement on joint effort on creating the United Gas Production, Transportation and Supply System in the East Siberia and Far East. The integrated development of the East Siberian and Far Eastern oil and gas fields (with account for the internal market needs and prospects for exporting gas to China and other Asia Pacific countries) will allow to enhance hydrocarbon resources development efficiency.

Estimated East Siberian and the Far Eastern gas reserves amount to 6.6 bcm. Two large fields, the Kovytkinskoye gas condensate field - GCF (2 bcm) and the Chayandinskoye oil and gas condensate field - OGCF (1.24 bcm), have been discovered in these regions. These fields, along with the Yurubcheno-Tokhomskoye OGCF (0.7 bcm), Sobinsko-Payginskoye OGCF (0.17 bcm), Talakanskoye OGCM (0.05 bcm), the resource base of the Sakhalin I-II projects and the promising areas of the Sakhalin shelf, are the basic fields to be brought on stream. The development of these fields will determine the corporate strategy of exploring natural resources in Eastern Siberia and the Far East.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

 

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