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GAZPROM

July 20, 2004

Degolyer and MacNaughton made an independent evaluation of Gazprom reserves

OAO Gazprom engaged DeGolyer and MacNaughton, an internationally recognized petroleum- consulting firm, to conduct an independent evaluation of the proved and probable naturalgas, oil, condensate, gas liquids and sulfur reserves as of December
31, 2003 according to SPE International Standards at 19 fields (21 deposits).

Based on this evaluation, OAO Gazprom’s proved and probable separatornatural gas reserves in the fields subject to evaluation were 652.7 trillion cubic feet (18.48 trillion cubic meters).  The fields evaluated by DeGolyer and MacNaughton account for over 90% of OAO Gazprom’s total combined ABC1 natural gas reserves as estimated under the Russian reserves system.DeGolyer and MacNaughton has conducted annual evaluations of OAO Gazprom’sproved and probable reserves since 1997.

 

 

 

The Russian reserves system differs significantly from SPE International Standards. As of December 31, 2003, OAO Gazprom had Russian reserves system ABC1 reserves of 28.0 trillion cubic meters of natural gas, 1,279.8 million tons of gas condensate and
569.1 million tons of crude oil.

 

PRESS SERVICE OF OAO GAZPROM

 

 

 

 

 

 

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