Long-Term Oil Production Growth Envisaged under the Gazprom Neft Investment Program for 2007

The Gazprom Neft ‘s 64.4 bln. Ruble investment program for 2007 provides for financing long-term programs intended to boost production performance.

The 2007 investment program covers the Gazprom Neft ‘s requirements in construction of its own power generating facilities, the costs for geological and seismic prospecting in the company fields and expanding resource base, reconstruction of the company oil refineries, modernization of the retail fuel station network and implementation of projects for associated gas utilization.

A notable part of investments into oil production will be allocated for acquisition of licenses for new oil field development.

Considering the investments implemented this year Gazprom Neft plans to produce 33 mln. tons of crude oil by end of 2007 whereas by 2010 its own oil production (without oil produced at the JSC Gazprom and JSC NGK Slavneft oil fields) will exceed 35 mln. tons.

Thus, in 2007 Gazprom Neft will reverse the downward trend to boost its own oil production levels step-by-step thereafter.