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Rosneft Oil Company

July 7, 2005

Rosneft President Sergei Bogdanchikov visits town of Gubkinsky

On July 7, Rosneft President Sergei Bogdanchikov visited the town of Gubkinsky in the Yamalo-Nenets Autonomous District, home to Rosneft’s second largest oil production enterprise, Rosneft-Purneftegaz.

During his visit, Sergei Bogdanchikov took part in a ceremony marking the opening of a health care center. He then held a business meeting at Purneftegaz, to examine the results of activities in the first six months of 2005, and key proposals for the company’s long-term development.

After discussing Rosneft’s activities with Purneftegaz’s young specialists, a press-conference was then held at which Sergei Bogdanchikov and Purneftegaz CEO, Eduard Tropin, answered journalists’ questions.

In particular, the head of Rosneft noted that maintaining Rosneft-Purneftegaz’s oil production at the level of 10 million tons a year was the company’s primary goal over the next few years. Sergei Bogdanchikov was generally pleased with performance in the first six months of 2005. ‘Considering that the company has had a new top management team since the start of 2005, its performance can be seen as positive,’ he said.

Eduard Tropin described the enterprise’s major production goals in the near future as the placing in operation of the integrated gas treatment unit at the Tarasovsky deposit, the development of the gas-and-condensate program, and the dynamic development of the Kynsko-Chaselsky oil-and-gas fields.

The head of Rosneft also stressed the need to streamline and intensify development of the Kharampur field, which possesses large amounts of natural gas and gas condensate.

During the press-conference, Mr. Bogdanchikov also noted Rosneft’s plans to cooperate with the Gubkinsky Administration. In particular, Rosneft plans to invest in the construction of social facilities and housing in the area.

With respect to the company’s social policy in the region, Mr. Bogdanchikov said that Rosneft would invest 11 million rubles in the completion of Gubkinsky’s health care center. The company is also taking an active part in the construction of a church and recreational center.

‘All the money has now been allocated and works are underway. I believe the recreational center will open in September 2007,’ he said.

He also said that Rosneft plans to build housing in the town, and will launch a mortgage lending program. ‘In the second half of 2005 we plan to offer mortgages to 400 of Rosneft’s young specialists, including 106 Purneftegaz employees,’ Sergei Bogdanchikov said.

Reference Note

Kynsko-Chaselsky block of fields

The Kynsko-Chaselsky license area is located in the Yamalo-Nenets Autonomous District, Tyumen Oblast, 100-120 km from the oil and gas transportation system. The area is boggy tundra. Permafrost extends to a depth of 300 m. Negative temperatures persist for 6 months a year.

Recoverable reserves total 10.4 million tons of oil, 13 million tons of gas condensate and 103 billion cubic meters of gas. Production in the Kynsky field started in March 2003, with works performed by Rosneft-Purneftegaz. The development of the field is the first stage of the company’s program for the development of the Kynsko-Chaselsky group of oil fields. Over the next few years, Purneftegaz plans to start developing 5 more fields from the group: Fakhirovsky, Novochaselsky, Ust-Chaselsky, Verkhne-Chaselsky and Naumovsky.

Kharampur oil-and-gas field

The Kharampur field is situated in the Yamalo-Nenets Autonomous District near the Arctic Circle. Natural conditions are sever, with permafrost, marshlands, and winter temperatures of some -56C. Rosneft-Purneftegaz holds the license for the additional exploration and development of the field.

Recoverable reserves of ABC1+C2 category oil and condensate total 88 million tons; reserves of ABC1+C2 category gas total 903 billion cubic meters.

Production started at the field in 1990. 340 wells have been drilled since. The project has been suspended pending the adoption by the Government of the Master Plan for the Development of the Gas Industry until the Year 2030, which will determine the starting date for the Kharampur gas deposit development.




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