Information about Gazprom Neft’s reserves reduction is incorrect

On May 22-23 the information about a JSC Gazprom Neft’s recoverable reserves reduction in 2006 was published in some Mass Medias (INTERFAX-AGI, Vedomosti). This information is incorrect.

In fact, company’s recoverable oil reserves according to the Russian classification increased by 2,2 million tons in 2006 in comparison with 2005 ( from 721,4 to 723,6 million tons or by 0,37%). The JSC Gazprom Neft’s oil production following the results 2006 was 32,7 million tons.

As consisted with SPE international classification audited proven reserves increased in comparison with 2004 by 0,32% (from 598,4 million tons to 601,8 million tons) and in comparison with 2005 by 5,2% (from 571,9 million tons to 601,8 million tons). In accordance to SEC classification proven oil reserves increased by 11,4% (from 461,5 million tons to 514 million tons) in 2006.