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Wednesday, February 07, 2007

Gazprom Reports Efforts to Bring Oil Reserves Onstream

Ananenkov Alexander GeorgievichFebruary 05, 2007 - RigZone onLine - Earlier this week at Gazprom's headquarters in Moscow, Alexander Ananenkov, Deputy Chairman of the company's management committee, convened a meeting dedicated to bringing onstream Gazprom's oil reserves. The meeting was attended by heads and employees of Gazprom's core businesses and a number of subsidiaries, including Gazprom Neft. The participants emphasized that development of oil business is fundamentally important for Gazprom and will enable to strengthen its position of vertically integrated energy company on the internal and external markets. Additional conditions to increase market capitalization and Gazprom's financial figures improvement will be stimulated by active involvement of Gazprom's oil reserves. Oil field exploration (Gazprom owns licenses for oil field development) will be managed by Gazprom Neft. Therefore the participants discussed the progress of the agreements preparation between the license owners and Gazprom Neft for exploration of the Novoportovskoye, Tazovskoye, Prirazlomnoye and Dolginskoye fields. The license owners will sign contracts with Gazprom Neft for construction of oil production facilities aimed at providing commissioning of said fields. Signing of the contracts is one of the stages for implementing the company's strategy on the oil sector. Attracting the Gazprom Neft's specialists for Gazprom's oil assets development will facilitate the use significant professional experience in the oil fields exploration sector using modern technologies. A common opinion expressed at the meeting was that the company needs to form working groups to synchronize work on preparing the standard contracts with Gazprom Neft for field development and providing operational services.

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