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Gazprom Neft Board of Directors Approves Its E&P Division’s Strategy 2020

 On September 22, a regular meeting of Gazprom Neft Board of Directors was held to consider a number of questions including NIS performance enhancement, the level of Gazprom Neft’s debt burden, and E&P Division’s strategy 2020.

The Board of Directors approved Gazprom Neft E&P Division’s strategy 2020. In accordance with the Board’s resolution, Gazprom Neft shall complete the reassurance of Gazprom’s license to use Novoportovskoye field by December 31, 2009.

Gazprom Neft Board of Directors took notice of the information on the measures on performance efficiency enhancement conducted by Serbian NIS oil company, where Gazprom Neft holds 51 per cent of the company’s shares, and plans for development up to the year end 2009; it was also resolved that the Company’s results 2009 should be brought up for discussion in the first quarter of the following year.

In the course of the meeting, members of the Board of Directors of Gazprom Neft reviewed the information on the running status of the program for utilization and enhancement of efficiency of associated gas use to be implemented by the Company within 2008 – 2010.

Besides, the Board members took notice of the information on the Company’s current debt burden and financing plans for 2010 – 2012. The Board of Directors entrusted the Company to submit Gazprom Neft’s draft financing plan for 2010 – 2012 for the Board’s approval.