Gazprom Continuing Extensive Geological Exploration Activities

Source: 2/27/2024, Location: Asia

- The reserve replacement ratio exceeding 1 for 19 consecutive years.
- The biggest growth of reserves came from the Yamal gas production center.

The Gazprom Board of Directors took note of the information about the ongoing work on resource base support, geological surveys of subsoil and geological exploration operations performed by the Company.

It was highlighted that Gazprom conducts large-scale comprehensive geological exploration works on an annual basis. These works serve to make up for the amounts of natural gas produced and ensure the systematic development of the resource base. For Gazprom's consumers, it means the assurance that they will have a reliable access to energy sources in the long term.

In 2023, geological exploration allowed Gazprom to achieve, as before, one of the key strategic targets established for the gas business, namely, to ensure that the Company's gas reserve addition rates surpass its gas production rates. Therefore, the reserve replacement ratio has been exceeding 1 for as many as 19 consecutive years.

The biggest addition to gas reserves was achieved within the Yamal gas production center: onshore in the Yamal Peninsula and on the Yamal shelf of the Kara Sea, namely, at the Malyginskoye field and the 75 Years of Victory field.

The work on the development of the Yakutia gas production center's resource base has yielded good results. Gas reserve addition was achieved at the Tas-Yuryakhskoye field and four new deposits were discovered at the Verkhnevilyuchanskoye field. Moreover, in 2023, Gazprom won the auctions for the right to use the subsoil reserves of three blocks in Yakutia, namely, Gorny, Suntarsky-1 and Sinsky.

Gazprom is further increasing the efficiency of its geological exploration activities. To that end, advanced Russian technologies are being consistently adopted.

The Board of Directors also reviewed the matter regarding the results of the measures being implemented to improve engagement with the shareholders and investors of Gazprom.

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