GAZPROM EP INTERNATIONAL

Сompany profile

March 2011

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CENTRAL AND WEST AFRICA- Nigeria – JV with Nigerian National Petroleum

Corporation

INDIA*- Exploration works on block 26 in the Bay of Bengal- MOU with Indian National Gas Corporation:

6 blocks at the western coast and 7 blocks at the Eastern coast

VIETNAM *- Agreement with PetroVietnam on offshore

area development

The most of the projects are implemented by Gazprom EP International B.V.Projects with “*” sign are implemented by other companies of Gazprom Group

Gazprom strategic objective is the transformation into a global energy company bearing a presence in key regions of oil and gas production

International upstream projects of OAO Gazprom

GREAT BRITAIN*• Wingate and Emerald• Silimanite

NORTH AFRICALibya - operator of blocks №19 and №64 (exploration)

- 49% share in «Wintershall A.G.» which is the operator of oil concessions С96-97 (production)

Algeria - operator of El Assel block (exploration)

LATIN AND SOUTH AMERICA- Venezuela – Ayacucho-3,

Blanquilla-Tortuga, Mariscal Sucre, JV with PDVSA- Bolivia - gas projects Ipati, Aquio & Azero- Brazil - business development activities

SOUTHERN AFRICA:- Namibia – integrated Kudu gas project- South Africa – cooperation with PetroSA (including CBM projects)

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Transparency

Project-oriented business model

Diversification of resource base and sale markets

Integration of production chain

The mission of Gazprom EP International is dedicated to assisting OAO Gazprom with its transformation into a global energy company, bearing presence in world key regions of oil and gas production.

Targets

Mission

Mission, principles and tasks

Principles

Increase OAO Gazprom’s share value

Enhance resource base and sale markets abroad

Introduce cutting-edge technology;

Seek and attract partners for risk allocation.

Company profile

Gazprom EP International B.V. (Gazprom Exploration & Production International B.V.) – is a wholly-owned subsidiary of OAO Gazprom for upstream operations outside Russia and CIS. Our project portfolio is comprised of exploration stage and production assets as well as service projects in the oil and gas industry in Africa (Algeria, Libya, Namibia, Nigeria) and Latin America (Bolivia, Venezuela).

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Decision of OAO Gazprom BD to establish Gazprom

Netherlands B.V.

Assets consolidation in Libya C96-97

Valery GulevManaging Director Gazprom EP International B.V.

Stakeholder’s decision to designate company’s managing directors

Renaming of the company Gazprom EP International B.V. (previously known as Gazprom

Netherlands B.V.)

Consolidation of Gazprom Libya B.V. and Gazprom Latin

America B.V.

Setting up Gazprom Oil and Gas Nigeria Ltd.

Setting up Gazprom Brazil Ltd.

May 2007 January 2008 April 2008 May 2008 July 2009November 2008

Supervisory Board Management Board

Gazprom EP International history

Andrey KruglovDeputy Chairman of OAO GazpromManagement Committee

Andrey Akimov Chairman of OAO GazprombankManagement Committee

Alexander Medvedev Deputy Chairman of OAO GazpromManagement Committee

Vsevolod CherepanovMember of OAO Gazprom Management Committee

Karel Bernard van PolanenManaging Director Gazprom EP International B.V.

Olga GuginaManaging Director Gazprom EP International B.V.

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Cooperation

JV between Gazprom Oil and Gas Nigeria and NNPC

New projects

Integrated Kudu gas projectCooperation with PetroSA

(including CBM projects)

Block №19

Awarded in a bid round in December 2006 Operator Gazprom Libya B.V.

Block №64

Awarded in December 2007

Operator Gazprom Libya B.V.

Concessions C96-97

Upon swap of assets with BASF OAO Gazprom acquired a 49% stake in Wintershall A.G. which is the operator of concessions

Production stage assets

Additional prospective structures (exploration)

El Assel Project

Awarded in a bid round in December 2008

Operator Gazprom EP International B.V.

ALGERIAALGERIA

NIGERIANIGERIA

LIBYALIBYA

AFRICAAFRICA. Overview of assets and prospects

NAMIBIA NAMIBIA –– SOUTH AFRICASOUTH AFRICA

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Operating company Gazprom Algeria established

Historical seismic data gathered and reinterpreted

Work programs and budget approved until 2012 (2nd phase of exploration stage)

Seismic survey and drilling bid rounds conducted

2700 km2 of 3D seismic survey completed

March-October 2010 – drilling of the first wildcat well Rhourde Sayah-2

November 2010 - Hydrocarbon reserves discovered: the well RSH-2 showed daily production rate from the Ordovician deposits in the following volumes: 60 thousand cubic meters of gas and 49.38 tons of oil.

Project description

Phase : Exploration (follow-up)

The program envisages drilling of 4 wells

Operator : Gazprom EP International B.V.

Contract share : 49%

Contract type : concession

Partner : Sonatrach (51%)

Current status

ZERP-1 exploration well construction

Short-term plans

ALGERIA. El Assel Project

Awarded in a bid round in December 2008

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Phase: ExplorationLicense area: 10 300 km2 (offshore)Contract type : EPSA-IV (Production Sharing Contract)Exploration program (2007-2011):

• 3D seismic survey – 5000 km2

• wildcat drilling

License area was awarded in a bid round in December 2006 (3rd round PSA IV). PSA ratified in April 2007.

LIBYA. Area №19

Project description

Petroleum potentialPetroleum potential associated with Cretaceous and Triassic complexesPossible accumulations of hydrocarbons in other intervals

Current status

3D seismic survey completed 3D seismic data processed Interpretation of available seismic, well dataand other geological information completedSeveral targets identified and recommended

for wildcat drillingFirst well drilling program under

developmentSpud – Q2 2011 depending in rig availability

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Участок №19

Phase : ExplorationLicense area: 4 000 km2 (onshore, Ghadames basin)Contract type : EPSA-IV (Production Sharing Contract)Exploration program (2008 – 2012):

• 3D/3D SPARSE seismic survey – 5 150 km2

• wildcat drilling

LIBYA. Area №64

License area was awarded in a bid round in December 2007 (fourth round PSA IV). PSA was ratified in June 2008.

3D seismic survey completed 3D seismic data processed Interpretation of available seismic, well data and other geological informationcompletedSeveral targets identified and recommended for wildcat drillingFirst well drilling program under development

Current status

Project description

Petroleum potentialPetroleum potential is associated with Silurian depositsPossible accumulations of hydrocarbons in other intervals

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100%

49% 51%

GAZPROM LIBYEN VERWALTUNGS GMBH.

Участок №19C96

C97

ТриполиSwap of assets between OAO Gazprom and BASF

LIBYA. Concessions C96 и C97

Phase: declining production (9 fields)Remaining recoverable reserves : 7,5 bcm of gas and 167 mbbls of oil (in company stake WI)Production levels (total for 2010) : 31,3 mln. bbl. of oil equivalent (Gazprom Group’s share - mln. bbl. of oil equivalent )

Long-term development plan• exploration works• field infrastructure development• gas hub establishment for neighboring blocks• elaboration of measures for production rate optimization (flooding pattern)

Stake acquired through the swap of assets with BASF Swap of assets deal completed in December 2007OAO Gazprom stake in Wintershall A.G. (operator of concessions C96-97) - 49%Wintershall A.G. Governing board was formed (3 representatives from OAO Gazprom)Currently, trilateral negotiations are underway to convert existing concessions to EPSA-IV type contracts.

Project description

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Design and construction of associated gas gathering system Development of oil and gas fields Construction of pipeline net Construction of power generating facilities LNG, LPG production LNG – piped gas swap deals

June 2008 Opening of Gazprom Oil and Gas Nigeria branch office in Abuja

September 2008 Signing of MOU with Nigerian National Petroleum Corporation in Moscow

June 2009Visit of the President of the Russian Federation Dmitry Medvedev to Nigeria. Signing of constituent documents for the JV between Gazprom Oil and Gas Nigeria and NNPC. The new joint company was named Nigaz Energy Company Limited

October 2009Geodata Technical Services Ltd - JV between Gazprom Oil and Gas Nigeria and Nigerian company Geokinetic - was established. The company provides services for seismic data processing and storage

Other affiliate companies of OAO Gazprom are planned to be attracted as subcontractors

WEST AFRICA. NIGERIA

Areas for cooperation OAO Gazprom - NNPC

Business development

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SOUTH WEST AFRICA. NAMIBIA

June 2009Visit of the President of the Russian Federation to Namibia. The MOU was signed between OAO Gazprombank and Namibian National Oil Corporation for the organization of funding to construct a gas turbine plant. The Kudu gas field is intended to serve as a raw material base for this plant.

October 2009Granting to Gazprom EP International a conventional non-binding license for 2 years to undertake a feasibility study for Kudu*project.Within 2 years license holders have the right to examine the data and conduct a scoping study. An investment decision and a license agreement shall be made and signed before October 2011. JV Gazprom-Namcor stake – 54%Other partners to project: Tullow Oil (UK) – 31%, Itochu (Japan) –15%

January – October 2010Negotiations between partners to Kudu project. Negotiations with South Africa on purchase of power from Namibia.

* Integrated Kudu gas project encompasses production of natural gas from Kudu field (offshore Namibia), gas transportation to power station and power supply to Namibia and South Africa.

Business development

Integrated Kudu gas project

Kudu fieldLicense № 002

Subsea gas pipeline

Power Station

Namibia

South Africa

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LATIN AMERICALATIN AMERICA.. Overview of assets and prospects

Ayacucho-3 Agreement on evaluation and

certification of heavy oil reserves

Gas Production Projects: Blanquilla-Tortuga, Mariscal Sucre

MOU with Venezuelan National Petroleum Corporation PDVSA

Natural gas production offshore Venezuela and LNG

Service sector

2009 – establishment of joint service company with PDVSA –

Servicios Venrus

VENEZUELAVENEZUELAEntering new market November 2008Setting up Gazprom Brazil Exploration and Production Ltd.

New projects Evaluation of prospective projects in cooperation with State Petroleum Company Petrobras and other Brazilian companies

Gas exploration Ipati and Aquio blocks with Total and Tecpetrol (appraisal/development) Azero block with Total and YPFB (explo)

Prospective projects Ownership in Petroandina

BRAZILBRAZIL

BOLIVIABOLIVIA

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In July 2008, an agreement between Gazprom Latin America and PDVSA was signed on evaluation and certification of heavy oil reserves on Ayacucho-3 block.

On November 26, 2008, Gazprom Latin America and PDVSA signed an agreement on joint examination of reserves to develop a feasibility study.

The estimate of in-place reserves exceed 5 bln t completed; negotiations are underway to delegate the project to the Consortium of the Russian Petroleum Companies.

Аякучо 3

VENEZUELA. Exploration and production

Ayacucho-3

Blanquilla - Tortuga

Mariscal Sucre

On September 19, 2008, Gazprom Latin America together with ENI, Petronas and EDP (Portugal) signed a Memorandum of Understanding with PDVSA for natural gas production on offshore block Blanquilla-Tortuga with further production of LNG. Technical and economic feasibility study underway.

Gazprom Latin America bid for a tender for gas and LNG production offshore Venezuela. The project is under consideration.

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BOLIVIA. Business development

On September 18, 2008, OAO Gazprom-PDVSA-YPFB signed a Memorandum of Understanding on possible purchase ofPetroandina shares by OAO Gazprom.

Possible ownership in Petroandina

General gas industry development scheme

In February 2009, OOO Gazprom-VNIIGAZ, Gazprom Latin America and YPFB signed a Memorandum on developing thegeneral gas industry development scheme for Bolivia.

Gas exploration and production

On September 18, 2008, OAO Gazprom –Total – YPFB signed a Memorandum of Understanding for the joint operations on the Azero block. Total offers a stake in the Ipati and Aquio blocks where a gas discovery is made.

On September 30, 2010 Gazprom Group and French petroleumcompany Total signed a share assignment agreement within theBolivia’s Ipati and Aquio blocks exploration project. Upon theapproval of this transaction by Bolivian authorities, the equity stakeof Gazprom Group (Gazprom EP International B.V) in the project willmake up 20 per cent, Total – 60 per cent, TecPetrol – 20 per cent.

The project participants are planning to perform joint explorationand development within the Ipati and Aquio licensed blocks.According to tentative forecasts, gas production from the field willbe started in 2013.

GAZPROM EP INTERNATIONAL B.V.

Prins Hendriklaan 28, 1075BD, Amsterdam, The Netherlands

Tel.: +31 2030 50 980Fax: +31 2030 50 988

Tel.: +7 (495) 725 7727 (Moscow office)Fax: +7 (495) 725 77 47 (Moscow office)

info@gazprom-ep-int.com