The Board of Directors’ meeting is underway at the Gazprom Headquarters.

The Board of Directors heard a report on the audit of gas, condensate and oil reserves at Gazprom’s fields as at December 31, 2005.

The Management Committee was tasked with continuing the work on reserve auditing.

Reference:

The leading US consulting firm DeGolyer and MacNaughton has been auditing Gazprom’s hydrocarbon reserves under international standards since 1997.

In June 2005, DeGolyer and MacNaughton had been declared the winner of the tender between auditing companies for the right to audit hydrocarbon reserves at Gazprom’s fields under international standards as at December 31, 2005, December 31, 2006 and December 31, 2007.

As at 31 December 2005, DeGolyer and MacNaughton performed an evaluation of Gazprom Group’s 24 major fields with gas, condensate and oil (excluding the data on Gazprom neft) reserves accounting for 95, 90 and 90 per cent, respectively.

Based on the assessment results, Gazprom Group’s proved and probable natural gas, oil and condensate reserves stand at 20.7 tcm, 692.7 mln t and 299.5 mln t, respectively.

In accordance with the Russian classification as at December 31, 2005, the Gazprom ABC1 natural gas, condensate and oil reserves make up 29.1 tcm, 1.22 bln t and 1.36 bln t, respectively.

Auditing of Gazprom’s reserves under international standards is in progress.