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GAZPROM

March 3, 2011

Management Committee approves updated Program for hydrocarbon resources development on Russian Federation shelf until 2030

The Gazprom Management Committee approved the updated Program for hydrocarbon resources development on the Russian Federation shelf until 2030 and the Plan of Prioritized Actions over 2011 to 2015.

Specialized subdivisions were tasked to monitor the Program and its update it once every five years starting from 2015.

 

Background:

The initial aggregate hydrocarbon resources of Russia's continental shelf average 100 billion tons of fuel equivalent, of which 80 per cent is gas. The bulk of the hydrocarbon resources (over 80 per cent) are concentrated in the Barents, Pechora, Kara Seas and the Sea of Okhotsk, with gas and condensate prevailing in the Barents and Kara Seas, oil – in the Pechora Sea, oil and gas – in the Sea of Okhotsk.

In 2003 the Gazprom Management Committee endorsed the Concept of Gazprom's activities on the Russian Federation shelf. The Concept involved the Program for hydrocarbon resources development on the Russian Federation shelf until 2030 (former Program for Gazprom's activities aimed at hydrocarbon resources development on the Russian Federation shelf until 2030). The main provisions of the Program were approved by the Gazprom Management Committee in September 2005.

The Program was updated to ensure efficient development of oil and gas resources of Russia's continental shelf with due regard to the material changes that occurred over the recent five years. The updated Program takes into consideration, for instance, regulatory changes, acquisition of new licenses (for Sakhalin III blocks, inter alia) and adjusted estimates for resources and reserves (including the increased reserves in the Shtokman field). The updated Program also addresses new engineering and technological solutions for offshore fields development.

When updating the Program, the Company also gave consideration to provisions of federal programs on creating specific high-tech equipment for the Arctic shelf development and advancement of marine engineering facilities over 2009 to 2016 and Russia's transportation system over 2010 to 2015.

The Program for hydrocarbon resources development on the Russian Federation shelf until 2030 envisages a comprehensive approach enabling to make the best use of technical equipment and infrastructure in offshore projects.

In particular, it is projected to carry out comprehensive development of the Shtokman field and its satellites in the Barents Sea as well as to jointly develop the Prirazlomnoye and Dolginskoye oil fields in the Pechora Sea. Operations in the Severo-Kamennomysskoye and Kamennomysskoye-Sea fields offshore the Ob and Taz Bays will lay the foundation for developing a field cluster. The Sakhalin shelf will see comprehensive development of fields located within Gazprom's licensed areas (Sakhalin III project).

Moreover, the Program envisages utilization of cutting-edge and cost effective engineering facilities and technologies for field development in severe natural and climatic conditions.

By 2030 it is expected to replenish Gazprom's reserves with more than 11 billion tons of fuel equivalent through geological exploration of the Russian shelf (between 2005 and 2009 augmentation of the Company's offshore reserves surpassed 1.9 billion tons of fuel equivalent).

According to estimates, the Program implementation will enable Gazprom to annually produce over 200 billion cubic meters of gas and some 10 million tons of oil on the Russian shelf by 2030.

 

 

 

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