JSC Gazprom’s head office has hosted a working meeting between Alexander Ananenkov, Deputy Chairman of Gazprom’s Management Committee and W. Gary McGilvray, President and CEO of DeGolyer and MacNaughton.

The parties addressed matters surrounding further development of bilateral cooperation.

Alexander Ananenkov informed Gary McGilvray of the work being done by Gazprom to replenish hydrocarbon reserves for achieving the parity with the production amount.

The parties highly appreciated Gazprom’s geological exploration activities as well as aspirations to increase its mineral and resource base.

The meeting underscored that active work in said direction in combination with independent auditing of hydrocarbon reserves at Gazprom’s fields under international standards would drive the long-term growth of the company’s investment attractiveness and capitalization.

Gary McGilvray emphasized that DeGolyer and MacNaughton was set to further promote mutually beneficial business ties with Gazprom.

Reference:

The leading US consulting firm DeGolyer and MacNaughton has been auditing JSC Gazprom’s hydrocarbon reserves under international standards since 1997.

In June of this year, DeGolyer and MacNaughton has been announced as the winner of the contest between auditing companies for the right to audit hydrocarbon reserves at Gazprom’s fields under international standards as of 31 December 2005, 31 December 2006 and 31 December 2007.

As of 31 December 2004, DeGolyer and MacNaughton performed an evaluation of reserves at the Gazprom Group’s 22 fields containing 87, 90 and 72 per cent of Gazprom’s gas, condensate and oil reserves, respectively.

Based on the assessment results, the Gazprom Group’s proved and probable natural gas and oil & condensate reserves accounted for 18.5 tcm and 799 mln t, respectively, worth a total of US $84 bln.