The Gazprom Management Committee addressed the Program for geological exploration at the Company’s licensed blocks in Russia and abroad.

The specialized business units were entrusted to elaborate by March 2010 proposals on streamlining the geological exploration targets mechanism, integrating the approaches applied and creating a unified responsibility center when performing geological exploration in Russia and abroad, as well as to present a revised draft program for geological exploration over 2011 to 2012.

Background:

The Program for geological exploration at Gazprom’s licensed blocks in Russia and abroad over 2010 to 2012 has been developed with due regard to the geological exploration strategies ensuring:

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

- establishment of a resource base for new gas production centers in eastern Russia in the aim of implementing the Program for the development of 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 targets provided for in the Program for the gas industry’s mineral resource base development until 2030;

- compliance with 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, India, 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 research, licensing and pre-investment activities.