Open Joint Stock Company Gazprom

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APPENDIX B — PART II — EXTRACT OF DEGOLYER & MACNAUGHTON LETTEROAO Gazprom16A, Nametkina Street117884, Moscow B-420RussiaDEGOLYER AND MACNAUGHTON4925 Greenville Avenue, Suite 400One Energy SquareDallas, Texas 75206TELEPHONE(214) 368 6391TELEFAX(214) 369 4061Gentlemen,DeGolyer and MacNaughton has prepared estimates of the extent and value of the proved andprobable natural gas, oil, condensate, gas liquids, and sulfur reserves and the extent only of thepossible natural gas, oil, condensate, gas liquids, and sulfur reserves of certain fields in Russia ownedby OAO Gazprom (Gazprom). The 18 fields evaluated are located in western Siberia and the Volga-UralProvince of Russia and include the following:AstrakhanBovanenkoKharasevaiKomomolskMedvezhyeNorth UrengoiNovy PortOrenburgUrengoiUrengoi OilViengapurskWest TarkosalinskYamburgYamsovieyakoyeYen-YakhaYeti-PurovskoyeYubileyneZapolarnoyeThe estimated proved, probable, and possible gas, oil, condensate, gas liquids, and sulfurreserves owned by Gazprom, as of December 31, 2000, in the fields evaluated in the Reports,expressed in billions of cubic meters (BCM) and billions of cubic feet (BCF), millions of metric tons(MMmt) and millions of barrels (MMbbl), or millions of metric tons (MMmt) and millions of U.S. tons (MMU.S.t) are summarized below:Gazprom Separator GasGazprom Oil,Condensate, andGas LiquidsEnglish Metric English MetricUnits Units Units Units(BCF) (BCM) (MMbbl) (MMmt)Proved Developed 216,062.29 6,118.20 804.80 97.70Proved Undeveloped 382,660.63 10,835.74 1,593.11 197.12Total 598,722.92 16,953.94 2,397.91 294.82Probable* 54,497.15 1,543.18 1,440.86 176.30Possible* 91,930.44 2,614.90 5,703.93 701.75* Probable and possible reserves have not been adjusted to account of risk.Note: Sulfur reserves are only applicable to the Astrakhan field.112
The Gazprom future net revenue and present worth to be derived from the production and saleof the proved and proved-plus-probable reserves owned by Gazprom in the fields evaluated in theReports, as of December 31, 2000, are estimated below, expressed in millions of United States dollars(MM U.S.$). Values were estimated in United States dollars (U.S.$) using the exchange rate effectiveDecember 31, 2000, which was Russian Rubles 28.16 per U.S.$1.00.PresentFuture net Worth at 10Revenue* Percent*(MM U.S.$)(MM U.S.$)Proved Developed 56,356.97 26,906.64Proved Undeveloped 125,818.85 21,931.05Total 182,175.82 48,837.69Proved plus Probable** 204,873.13 49,370.01* In the preparation of these estimates, future income tax expenses have been taken into account at the field level and fortransportation of gas for export.** There has been no adjustment applied to the value of probable reserves to account for risk.The estimates of reserves, future net revenue, and present worth of future net revenuesummarized are subject to the definitions, assumptions, qualifications, explanations, and conclusionsexpressed in the Reports. These summaries should be considered in view of the conditions of theReports and are susceptible to being misunderstood apart from the Reports.Very truly yours,DeGOLYER and MacNAUGHTON113
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OFFERING CIRCULARJOINT-STOCKCOMPANY
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classifications and methodologies,
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INVESTMENT CONSIDERATIONSAn investm
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Relationship with the GovernmentThe
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elation to its assets and operation
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Ethnic and religious differences in
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TRANSACTION SUMMARYThe transaction
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SELECTED FINANCIAL INFORMATIONThe s
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CAPITALISATIONThe following table s
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OAO GAZPROMPrivatisation and Format
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Gazprom Shares. The Presidential De
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Gazprom's main subsidiaries were, a
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Management StructureIn accordance w
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The current membership of Gazprom's
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1999 2000 2001(mtoe, except for per
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Central and Eastern EuropeGazprom e
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U.S.$43 million and from those cust
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Country% OFEUROPEANNATURALGAS SUPPL
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As at 31 December 2000, proved and
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The following table sets out, as at
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een put on stream at the Astrakhans
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Orenburg Helium Plant. This is Russ
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The following table sets forth some
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Gazprom provides the independent su
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INTERNATIONAL PROJECTS AND ALLIANCE
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major natural gas distributor in ea
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Other foreign associate undertaking
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Gazprom has developed and continues
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LOAN AGREEMENTThe following is the
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"Notes" means the U.S.$500,000,000
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Page 88 and 89: SUMMARY OF PROVISIONS RELATING TO T
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Page 92 and 93: SALOMON BROTHERS AGThe Bank is lice
Page 94 and 95: GENERAL INFORMATION1. The Notes rep
Page 96 and 97: force is being formed to gradually
Page 98 and 99: to address these pressures. First,
Page 100 and 101: Balance of PaymentsThe following ta
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Page 104 and 105: GeneralAPPENDIX B - PART 1 - OVERVI
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Page 110 and 111: • price regulation - setting pric
Page 114 and 115: APPENDIX C - GLOSSARY OF TERMS"Acco
Page 116 and 117: "State Gas Concern Gazprom"the Stat
Page 118 and 119: OAO GAZPROMIAS CONSOLIDATED FINANCI
Page 120 and 121: OAO GAZPROMIAS CONSOLIDATED BALANCE
Page 122 and 123: OAO GAZPROMIAS CONSOLIDATED STATEME
Page 124 and 125: OAO GAZPROMNOTES TO THE IAS CONSOLI
Page 158 and 159: PRlCEWATERHOUSECOOPERSZAO Pricewate
Page 160 and 161: OAO GAZPROMIAS CONSOLIDATED STATEME
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OAO GAZPROMIAS CONSOLIDATED STATEME
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OAO GAZPROMNOTES TO THE IAS CONSOLI
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OAO GAZPROMINVESTOR RELATIONSThe Co
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LEGAL ADVISERSTo the CompanyAs to R
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