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GAZPROM

July 7, 2005

Gazprom and Royal Dutch/Shell seal Memorandum of understanding to swap assets within Zapolyarnoye – Neocom & Sakhalin-II projects

Today, in London, Alexey Miller, Gazprom’s Management Committee Chairman and Jeroen van der Veer, Royal Dutch/Shell’s CEO have sealed a Memorandum of understanding to swap assets within the Zapolyarnoye – Neocomian field and Sakhalin-II projects.

Strategically crucial for both parties, the Memorandum outlines the highlights of the deal that will provide Gazprom and Shell with 25 percent plus one share in the Sakhalin-II project and a 50 percent cut in the Zapolyarnoye – Neocomian field, respectively, with the difference in value to be identified by the parties and offset in cash or by other assets to be agreed upon additionally.

The final round of preparations for the swap will be overseen by a Steering Committee,to be on a par comprised of Gazprom and Royal Dutch/Shell’s representatives, and joint working groups. The Memorandum stipulates the asset audit being performed to have all the preparations for the deal completed in 2006.

“Implementing its strategy, Gazprom becomes a prominent player in the LNG sector and gains access to new markets. The Memorandum signed today gives Gazprom the possibility of shortlyobtaining substantial ownership interest in a dynamically developing hydrocarbon extraction and LNG production & marketing to North America and Asia Pacific project,” – Alexey Miller was quoted as saying after the signing ceremony.

“We welcome Gazprom in the Sakhalin-IIproject as a high-class partner and are positive that Gazprom will make a large contribution into the strategic development of the project. By jointly developing the Neocomian deposits of the Zapolyarnoye field, we’ll reinforce our standing in Western Siberia where we’re successfully engaged in the Salym fields operation. The Memorandum will foster stronger ties between Shell and Gazprom as well as will set the stage for deeper cooperation within integrated gas projects both in Russia and on a global scale,” – underscored Jeroen van der Veer.

Reference:

Royal Dutch/Shell is an English-Dutch energy firm engaged in hydrocarbon extraction & processing in over 30 countries worldwide.

Over 2004, Royal Dutch/Shell produced 3.8 mboe/d. As of 31 December 2004, the Group’s proved reserves and net profit accounted for 10,231 mboe and US $18.5 bln, respectively.

The Sakhalin-II project is Royal Dutch/Shell’s largest oil & gas business in Russia. Shell Holdings B.V., a Royal Dutch/Shell subsidiary, owns the 55% stake in the international company Sakhalin Energy acting as the Sakhalin-II operator. The project is also being developed by Mitsui Sakhalin Holdings (25%) and Diamond Gas Sakhalin (20%), a Mitsubishi outlet. The project includes the development of the Piltun-Astokhskoye oil and Lunskoye gas fields with roughly 150 mln of oil and over 500 bcm of natural gas in overall reserves, with natural gas production to account for 9.6 mln t/y.

The Neocomian deposits of the Zapolyarnoye field lie at the 3,000-3,400m depths, have a complex geological structure and are rich in gas, condensate and oil reserves.

GAZPROM'S DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

              ROYAL DUTCH SHELL

 

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