Russ Oil-Gas

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The Yuzhno-Russkoye oil and gas field is located in the Krasnoselkupsky District of the Yamal-Nenets Autonomous Okrug. The license for prospecting and development of the field is owned by Severneftegazprom, which is a 100 per cent subsidiary of Gazprom. The proved reserves of the Yuzhno-Russkoye field as of January 1, 2007 are at 805.3 bcm of gas, 5.7 mln tons of oil. Geological survey is in progress. The Company increases the fund of the existing wells and develops the field infrastructure. In the 4th Q 2007 the Company plans to produce 1.4 bcm of gas. The field is planned to reach a 25 bcm design capacity in 2009.  October 26, 2007 – MOSCOW (RNWire) - Today Gazprom has put into operation the startup complex of the Yuzhno-Russkoye oil and gas condensate field. Currently, 26 gas wells are operating in the field producing 15 mcm of gas per day. A ceremony dedicated to the Yuzhno-Russkoye field startup complex commissioning is planned to be held in December 2007.