The Management Board of Gasprom Neft has approved development strategy for Gazpromneft-Nefteservice LLC

The Management Board of JSC Gazprom Neft has approved the development strategy for Gazpromneft-Nefteservice, subsidiary servicing company, up to 2020.

The main objective of Gazpromneft-Nefteservice is the transformation into a market oilfield servicing company.

Development of the company shall be provided according to three major lines such as drilling, wellwork and geophysics.

Gazpromneft-Nefteservice is targeting to occupy the leading position by 2014 on the market of drilling due to retooling, re-equipment and modernizations and access to foreign markets.

In the well work segment it is planned to improve quality of reconditioning and to develop the segment of well-workover operations by accessing foreign markets and increasing the scope of services rendered by Gazprom Neft.

In the sphere of geophysics it is planned to proceed with seismic research as well as to increase a share of contracts with foreign customers, and to establish strategic partnership with multinational corporations.

Total amount of the investments for development of Gazpromneft-Nefteservice LLC shall be 26.2 bln rubles up to 2020, including about 19.5 bln rubles assigned for acquisition of new technologies and re-equipment of the existing.