Gazprom-AR2014

54
Performance Results
Exploration and Production
The world’s largest reserves and powerful production capabilities enable Gazprom
to successfully operate conventional fields and build new gas production centres that will
become the backbone of the Russian gas sector in the future.
Through its active involvement in international exploration and production projects,
Gazprom Group is gaining invaluable experience for the future development of fields
in Russia and abroad.
OAO Gazprom and its
subsidiaries own 72%
of Russia’s explored
gas reserves.
Gazprom Group’s mineral resources are the foundation of its operations and serve as a vital indicator
of the Company’s production and financial growth potential and its ultimate value.
Gazprom Group controls around 17% of the world’s gas reserves. OAO Gazprom and its
subsidiaries own 72% of Russia’s explored gas reserves, with 23% attributed to oil companies and
independent gas producers and 5% remaining in the unallocated fund. This makes Gazprom the
global leader among oil and gas companies in terms of explored gas reserves.
The bulk of the Group’s hydrocarbon reserves is concentrated in its license blocks across
Russia.
According to DeGolyer and MacNaughton, Gazprom Group’s proved and probable PRMS
reserves as of 31 December 2014 were 23,487.7 bcm of gas, 848.6 mm tonnes of gas condensate,
and 1,210.2 mm tonnes of oil. The current NPV of reserves is USD 309.6bn. Audited projects included
Gazprom Group’s reserves totalling 94% of gas reserves, 92% of condensate reserves,
and 90% of oil reserves attributed to grades A+B+C 1
.
The increase in PRMS reserves against last year has been due to the audit of reserves at the
Khandinsky block of the Kovyktinskoye field and exploration performed at the Chayandinskoye
and Semakovskoye fields and Gazprom neft Group’s fields in Eastern Siberia (Ignyalinsky,
Tympuchikansky, Vakunaisky license blocks).
Besides, proved and probable reserves owned by entities where Gazprom has investments
classified as joint operations were estimated at 23.1 bcm of gas and 164.2 mm tonnes of oil (within
Gazprom Group’s share) and evaluated at USD 6.7bn.
Operations in Russia
Increments to reserves
As of 31 December 2014, Gazprom Group’s A+B+C 1
hydrocarbon reserves in Russia were
36,074.8 bcm of natural gas, 1,443.9 mm tonnes of gas condensate, and 1,850.9 mm tonnes
of oil. The Group’s interest in its affiliates’ A+B+C 1
hydrocarbon reserves as of the above date was:
998.4 bcm of gas; 100.1 mm tonnes of gas condensate; and 777.7 mm tonnes of oil, including
the share in the reserves of entities where Gazprom has investments classified as joint operations
— 26.7 bcm of gas, 3.1 mm tonnes of gas condensate and 202.3 mm tonnes of oil.
The gas reserves of Gazprom Group and Russia as a whole allow the required volumes of gas
to be produced at discovered fields in the vicinity of well-established infrastructure until 2018
or 2020. In the future, to compensate for falling production at giant major fields resulting from
natural depletion and to reverse the negative trend, the Group can expand its development operations
to include reserves in the Yamal Peninsula (entirely), the Gydan Peninsula, Eastern Siberia,
the Far East, Ob and Taz Bays, the near offshore of the Kara Sea, as well as find and explore
onshore and offshore large and giant hydrocarbon fields.
A large-scale replacement of the oil resource base requires new centres to be established.
Exploration will be concentrated mostly in Eastern Siberia, in the Gydan Peninsula, and in the
Orenburg Region in the medium term, and in the north of YNAA, in the south of KMAA – Yugra, in
the Tyumen Region, and on the Arctic offshore in the long term. The Group has adopted and is
implementing the Technological Exploration Strategy to work out methods for preparing economically
viable hard-to-recover reserves (Achimovsk layer, Tyumen formation, basement) and unconventional
reserves (Bazhen project).
OAO Gazprom Annual Report 2014