Open Joint Stock Company Gazprom

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As at 31 December 2000, proved and probable natural gas reserves in Gazprom's evaluatedfields amounted to 18.5 tcm according to DeGolyer & MacNaughton. With a 10% discount rate factoredin, these reserves had an estimated net present value of U.S.$49.4 billion as at 31 December 2000.Gazprom is in the process of obtaining a revised and updated independent evaluation of itsnatural gas reserves on the basis of international classifications and methodologies.Substantially all hydrocarbon exploration and production licences held by Gazprom's subsidiarieswere granted in 1993-1995 in accordance with the Law on Subsoil adopted in 1992 and Regulations onthe Licensing and Use of Subsoil issued in 1992.Extension of licences upon expiration is subject to approval by the federal and regional authoritieswhich are signatories to the licences. The licences impose certain obligations on Gazprom to provideemployment, develop local infrastructure, pay certain local and federal taxes and meet certainrequirements relating to environmental matters. Licences may be suspended or revoked if the licenceesfail to comply with their terms (See "Appendix B — Part I — Overview of the Russian Gas Industry andits Regulation"). Gazprom believes that it is substantially in compliance with the terms of all of itsmaterial subsoil licences (although technical breaches may have occurred).As at 30 June 2002, the Group held:• 80 production licences with initial terms of 20 to 25 years, with remaining terms of mostlybetween 13 and 20 years;• 15 combined exploration and production licences with initial terms of 25 years, withremaining terms of mostly between 18 and 25 years; and• 27 exploration and appraisal licences with initial terms up to 5 years (without developmentrights) and with remaining terms of up to 5 years.Gazprom's reserves are highly concentrated. Out of total A, B and C1 natural gas reserves of28.1 tcm, 22.9 tcm (or 81.5%) are located in Western Siberia. Most of these reserves are concentratedin very large fields, such as Urengoiskoye, Bovanenkovskoye, Yamburgskoye and Zapolyarnoye. Morethan half of Gazprom's reserves are in the Senomanian deposit which is characterised by low beddingdepth, high delivery rates of wells and dry natural gas.As at 31 December 2001, Gazprom, through its wholly owned subsidiaries or throughsubsidiaries, in which Gazprom holds less than 100% of the Shares, held production licences forapproximately 1,293.8 million tonnes of A, B and C1 gas condensate reserves (attributable to Gazpromin proportion to its actual shareholding), of which 779.7 million tonnes (or 60.3%) are located in WesternSiberia, and 584.6 million tonnes of oil, of which 473.7 million tonnes (or 81.0%) are located in WesternSiberia. The remaining reserves are located in other regions of Russia.38
The following table sets out, as at 31 December 2001, a summary of all Gazprom's hydrocarbonreserves for which production licences had been awarded:GasGas Condensate OilRegion (A+B+C1) (A+B+C1) (A+B+C1)(million (million(tcm) tonnes) tonnes)Reserves controlled through the wholly-owned subsidiariesNadym-Pur-Taz 16.5 654.5 226.7Yamal 5.8 100.2 227.0Hanti-Mansiysky AO 0.02 4.8Total for Western Siberia 22.3 754.7 458.5Volga Region 0.9 58.2 20.9North of the European Part of Russia 0.1 22.4 2.6Astrahanskaya obl. and Northern Caucasus 2.7 405.1 0.7Total 26.0 1,240.4 482.7Reserves controlled through joint ventures (in proportion to Gazprom's actual shareholding)Western Siberia 0.6 25.0 15.2Eastern Siberia (Tomsk) 0.1 9.4 7.5North of the European Part of Russia 1.4 16.8 29.5(Barentsevo and Pecherskoe seas)Volga Region 0.03 2.2 49.7Total 2.1 53.4 101.9Total reserves controlled by Gazprom 28.1 1293.8 584.6Source: Gazprom.The following table sets out, as at 31 December 2001 A, B and C1 natural gas reserves for whichGazprom held production licences by major producing fields:FieldsReserves(A+B+C1)Western Siberia:Urengoiskoye (1) 5.9Yamburgskoye 4.2Zapolyarnoe 3.5Medvezhe 0.6Komsomolskoye 0.5South Region:Astrakhanskoye 2.6Volga Region:Orenburgskoye 0.8Source: Gazprom.Note:(1) Includes the North Urengoi, Pestsov, West Pestsov and Yen-Yahinsk fields (Senomanian formation).(tcm)39
Page 1: OFFERING CIRCULARJOINT-STOCKCOMPANY
Page 4 and 5: classifications and methodologies,
Page 6 and 7: INVESTMENT CONSIDERATIONSAn investm
Page 8 and 9: Relationship with the GovernmentThe
Page 10 and 11: elation to its assets and operation
Page 12 and 13: Ethnic and religious differences in
Page 14 and 15: TRANSACTION SUMMARYThe transaction
Page 16 and 17: SELECTED FINANCIAL INFORMATIONThe s
Page 18 and 19: CAPITALISATIONThe following table s
Page 20 and 21: OAO GAZPROMPrivatisation and Format
Page 22 and 23: Gazprom Shares. The Presidential De
Page 24 and 25: Gazprom's main subsidiaries were, a
Page 26 and 27: Management StructureIn accordance w
Page 28 and 29: The current membership of Gazprom's
Page 30 and 31: 1999 2000 2001(mtoe, except for per
Page 32 and 33: Central and Eastern EuropeGazprom e
Page 34 and 35: U.S.$43 million and from those cust
Page 36 and 37: Country% OFEUROPEANNATURALGAS SUPPL
Page 40 and 41: The following table sets out, as at
Page 42 and 43: een put on stream at the Astrakhans
Page 44 and 45: Orenburg Helium Plant. This is Russ
Page 46 and 47: The following table sets forth some
Page 48 and 49: Gazprom provides the independent su
Page 50 and 51: INTERNATIONAL PROJECTS AND ALLIANCE
Page 52 and 53: major natural gas distributor in ea
Page 54 and 55: Other foreign associate undertaking
Page 56 and 57: Gazprom has developed and continues
Page 58 and 59: LOAN AGREEMENTThe following is the
Page 60 and 61: "Notes" means the U.S.$500,000,000
Page 62 and 63: "Subsidiary" means, with respect to
Page 64 and 65: 5 Repayment and Prepayment5.1 Repay
Page 66 and 67: the amount of any such payment and
Page 68 and 69: necessary to compensate the Bank fo
Page 70 and 71: 9.1.15 In any proceedings taken in
Page 72 and 73: 10.6 Payment of Taxes and Other Cla
Page 74 and 75: ankruptcy law, or (iii) a bankruptc
Page 76 and 77: execution of this Agreement and all
Page 78 and 79: 14.8 Contracts (Rights of Third Par
Page 80 and 81: TERMS AND CONDITIONS OF THE NOTESTh
Page 82 and 83: Under the Trust Deed, the obligatio
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SUMMARY OF PROVISIONS RELATING TO T
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circumstances, if the disposal proc
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SALOMON BROTHERS AGThe Bank is lice
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GENERAL INFORMATION1. The Notes rep
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force is being formed to gradually
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to address these pressures. First,
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Balance of PaymentsThe following ta
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understanding that it would serve a
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GeneralAPPENDIX B - PART 1 - OVERVI
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most important recent piece of legi
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integrated objects managed on a cen
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• price regulation - setting pric
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APPENDIX B — PART II — EXTRACT
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APPENDIX C - GLOSSARY OF TERMS"Acco
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"State Gas Concern Gazprom"the Stat
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OAO GAZPROMIAS CONSOLIDATED FINANCI
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OAO GAZPROMIAS CONSOLIDATED BALANCE
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OAO GAZPROMIAS CONSOLIDATED STATEME
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OAO GAZPROMNOTES TO THE IAS CONSOLI
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PRlCEWATERHOUSECOOPERSZAO Pricewate
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OAO GAZPROMINVESTOR RELATIONSThe Co
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LEGAL ADVISERSTo the CompanyAs to R
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