Gulf Oil and Gas accountACCOUNT

Gas Production from Bovanenkovo Nearing Completion

Source: www.gulfoilandgas.com 4/26/2012, Location: Asia

The Gazprom Management Committee took notice of the information about the preliminary results of the Investment Program in 2011 as well as in the first quarter of 2012. The Company's specialized structural units were tasked to carry on with the Investment Program in 2012.

The Management Committee noted that in 2011 Gazprom had attained the prime targets for the reserves replenishment as well as the reliable operation of gas production, transmission and underground storage facilities . The top-priority projects went on successfully.

The meeting participants stressed that the 2012 Gazprom Investment Program was progressing according to schedule.

In particular, preparation to launch gas production from the Bovanenkovo field is nearing completion. Pre-commissioning of the first startup complex at the Bovanenkovo field has been completed, comprehensive testing of the process equipment and systems is going on. Construction of the first string within the Bovanenkovo – Ukhta gas trunkline system (GTS) is ending in a synchronized manner. Thus, gas production from the field is expected to start in June 2012.

A comprehensive gas treatment unit, CGTU-1V, is being built as planned during the development of the Valanginian deposits in the Zapolyarnoye field. CGTU-1V will be put onstream in 2012. Together with CGTU-2V built in 2010, it will increase gas and condensate production from the Valanginian deposits in the Zapolyarnoye field from nearly 6.5 to some 15 billion cubic meters and from 1.3 to 3.2 million tons, accordingly.

Construction of gas transmission facilities in 2012 will enable Gazprom to timely meet the major targets on gas transmission from the Yamal Peninsula as well as domestic and export gas supplies.

In particular, Gazprom has currently completed 90 per cent of the looping systems at the Gryazovets – Vyborg gas pipeline, therefore, construction of the facilities required for gas conveyance to the Nord Stream' second string will be completed in time.

The 2011 Gazprom Investment Program stipulates RUB 1.27 trillion of total investments, including RUB 1.18 trillion of capital investments and RUB 89.76 billion of long-term financial investments.

Top-priorities of the 2011 Investment Program included pre-development of the Bovanenkovo field, the Apt-Albian deposits of Nydinskaya area in the Medvezhye gas and condensate field, the Achimov deposits of the Urengoy oil, gas and condensate field and other fields.

The gas transmission priorities included construction of the Bovanenkovo – Ukhta and Ukhta – Torzhok GTS as well as the Gryazovets – Vyborg, Pochinki – Gryazovets and SRTO – Torzhok gas pipelines.

As part of the Eastern Gas Program, the key projects were as follows: commissioning of the first startup complex of the Sakhalin – Khabarovsk – Vladivostok gas transmission system; construction of a gas pipeline between the onshore processing facility of the Kirinskoye gas and condensate field and the Sakhalin main compressor station, pre-development of the Kshukskoye, Nizhne-Kvakchikskoye and Kirinskoye fields.

The 2011 Investment Program earmarked funds for implementing the Company's projects within the governmentally approved Program for Construction of Olympic Venues and Development of Sochi as a Mountain Climate Resort. Pursuant to the 2012 Investment Program, the key production priorities are pre-development of the Bovanenkovskoye, Zapolyarnoye, Medvezhye, Urengoyskoye, Yamburgskoye and other fields.

The gas transmission priorities include construction of the Bovanenkovo – Ukhta and Ukhta – Torzhok GTS as well as the Gryazovets – Vyborg, Pochinki – Gryazovets and SRTO – Torzhok gas trunklines.

In addition, the Company continues retrofitting the major gas production and transmission assets, re-equipping underground gas storage facilities, constructing and retrofitting gas processing capacities, performing prospecting, geological exploration and production drilling in fields.

As part of the Eastern Gas Program, funds are planned to be allocated for the same top-priority projects as in 2011.

Besides, funds are earmarked for implementing the Company's projects within the governmentally approved Program for Construction of Olympic Venues and Development of Sochi as a Mountain Climate Resort. The Company will also invest in establishing its Industry-Specific Integrated Information and Management System.

The long-term financial investment plan for 2012 prioritizes, inter alia, pre-development of the Shtokman and the Prirazlomnoye fields as well as construction of the Nord Stream and the South Stream gas pipelines. In addition, the Company intends to allocate funds to power generation projects including the Adler CHPS construction.

In the first quarter of 2012 Gazprom exceeded its plans on gas production and supplies to the domestic market. Production exceeded the planned figures by 1.7 billion cubic meters and made up 141.8 billion cubic meters; gas supplies rose by 3.5 billion cubic meters up to 104.6 billion cubic meters.

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