Investor Day presentation

11 July 2014, St. Petersburg

| 2GAZPROM NEFT

AGENDA

Vladimir KonstantinovHead of Economics and Investment Department,

Refining and Marketing Division

HIGHLIGHTS, FINANCIALS

UPSTREAM & STRATEGY

DOWNSTREAM

Alexey Yankevich Member of the Management Board, CFO

Sergey VakulenkoHead of Strategic Planning Department

| 3GAZPROM NEFT

DISCLAIMER

This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gazprom Neft and its consolidated subsidiaries

All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements.

Forward-looking statements include, among other things, statements concerning the potential expo-sure of Gazprom Neft to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, ‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and phrases.

There are a number of factors that could affect the future operations of Gazprom Neft and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation, inclu-sively (without limitation):

(a) price fluctuations in crude oil and oil products;(b) changes in demand for the Company’s

products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification

of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions;

(i) economic and financial market conditions in various countries and regions;

(j) political risks, project delay or advancement, approvals and cost estimates; and

(k) changes in trading conditions.

All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on these forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation. Neither Gazprom Neft nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information.

| 4GAZPROM NEFT

Sector-leading growth and financial performance, sound business model

FINANCIAL HIGHLIGHTS

| 5GAZPROM NEFT

* Including GPN share in EBITDA of associates and joint ventures

Operational Progress in FY2013FY2013 Financial Performance

Average daily sales per site in Russia, tpd

Premium sales

Hydrocarbon production

+7.8% Y-o-Y

+4.3% Y-o-Y

+4.8% Y-o-Y

Adjusted EBITDA*, US$.

Revenue, US$ +1.7% Y-o-Y

+0.4% Y-o-Y

10,573 mln

Net Income, US$

-1.5% Y-o-Y

5,586 mln

39,799 mln

HIGHLIGHTS

| 6GAZPROM NEFT

GAZPROM NEFT IS ONE OF RUSSIA'S LEADING OIL COMPANIES IN PRODUCTION GROWTH AND FINANCIAL PERFORMANCE...

+3.4%

GPN LukoilRosneft

Hydrocarbon production 2013 vs. 2012 Adjusted EBITDA 2013 vs. 2012

-1.6%

+1.7%

-5.1%

GPN Lukoil Rosneft

+4.3%

Adjusted net income, US $/boe ROACE

11.4%

17.4%

12.8%

GPN LukoilRosneft

12.812.4

6.9

LukoilGPN Rosneft

Note: 2012 Rosneft data include TNK-BP. Company data excludes non-recurring items. Source: Company reports

+1.4%

| 7GAZPROM NEFT

...DRIVING SUPERIOR SHAREHOLDER RETURNS

TSR* Dividend yield*

6.5%

GPN Lukoil Rosneft

9.5%

12.4%

Free cash flow, US $/boe Operating cash flow, US $/boe

11.

5.6

0.83.0

LukoilGPN Rosneft

22.621.4

14.2

LukoilGPN Rosneft

5.0%3.0%

LukoilGPN Rosneft

* Based on RUB dividend during 2013 and RUB share prices on MICEX at January 1, 2013. GPN data includes a one-off effect from payment of first interim dividend in 2013 (based on 1H2013 results). Note: 2012 Rosneft data include TNK-BP. Company data excludes non-recurring items. Source: Company reports

-3.9%

9.4%

6.5%

| 8GAZPROM NEFT

DIVERSIFIED DEBT PORTFOLIO

» Net debt/EBITDA 0.57x vs. target <1.5x » Increased average debt maturity from 3.81 years in 4Q12 to 5.15 years in 4Q13 » Increased average interest rate from 3.48% at December 31, 2012 to 3.68% at December 31, 2013 » Diversified debt portfolio: bank loans, bonds, LPN (loan participation notes)

Debt maturity profile at the end of FY2013and comparison of profile’s structures 2013 vs. 2012

Net Debt / EBITDA as of 31.12.2013,

1 year 1-2 years 2-5 years Over 5 years Lukoil GPN Novatek Rosneft

■ Other borrowings ■ Bank loans ■ Bonds ■ LPN

from 31%

to 15%

unchanged

13%

from 31%

to 38%

from 25%

to 34%

0.48 0.57

2.11

1.26

| 9GAZPROM NEFT

DISCIPLINED CAPITAL SPENDING TO DRIVE FUTURE SUCCESS

2,354

2,734

3,253

783

837

571

1,388

2,417

856

550

458193

2013 2014E

■ M&A■ Other■ Marketing and distribution■ Refining■ Upstream greenfield■ Upstream brownfield

M&A includes increase in SeverEnergia and Nortgas ownership and increase in shares of subsidiaries

Increase in other investments reflects the continued IT business solutions integration and property development projects

52% Y-o-Y increase in marketing capex due to continued reconstruction and expansion of the Group retail sites in Russia and abroad

Refining capex 9% Y-o-Y decrease due to the completion of quality program at all refineries

Active development of Novoport field, Orenburg cluster and offshore projects drove 35% Y-o-Y increase in greenfield capex

16% Y-o-Y growth in brownfield capex due to increase in use of new technologies at legacy fields

6,827

9,566

Investments, US $ mln

| 10GAZPROM NEFT

Major projects and new technologies deliver production growth

UPSTREAM

| 11GAZPROM NEFT

UPSTREAM STRATEGIC GOALS 2025

Maximize commercial hydrocarbon recovery from existing resource base

Build leading hydrocarbon production position in northern Yamal Nenets AO

Strengthen current position on Arctic Shelf through execution of existing projects

Develop new production centers to sustain production levels to 2025

Consolidate capabilities and resources to deliver growth internationally

Create new growth centers by applying advanced technologies to unconventional resources

Reach 100 MMtoe of production by 2020 and sustain this level

through 2025

| 12GAZPROM NEFT

ESPO

OIL & GAS EXPLORATION AND PRODUCTION

Eastern SiberiaKuyumba2P reserves: 1,083 MMboePeak: 274 kboepd at 2030Start up: 2018

ChonskiyRecoverable reserves*: 1,362 MMboePeak: 68 kboepd at 2022Start up: 2017

Offshore projects

Central and Eastern Europe

PrirazlomnoyeRecoverable reserves*: 427 MMbblPeak: 104 kbpd at 2021Start up: 2014

DolginskoyeRecoverable reserves*: 516 MMbblPeak: 96 kbpd at 2027Start up: 2021

Exploration projects in Serbia, Hungary, Romania, Bosnia and Herzegovina

North of YANAO

Brownfield production Consolidated hydrocarbon production 1.3 MMboed at over 100 fields in YANAO, KHMAO, Krasnoyarskiy Kray, Tomsk region, Omsk region, Tyumen region, Orenburg region and Serbia

Pipeline Greenfield projects

Pipeline under construction ESPO

Junin 6 Rec.reserves: 10.9 BlnbblPeak: 458 kboepd at 2019Start up: 2012

Venezuela

Kurdistan (Iraq)Resources: 1,810 MMbblPeak: 224 kboepd at 2024Start up: 2014

Badra (Iraq)2P reserves: 874 MMboePeak: 193 kboepd at 2018Start up: 2014

Iraq

China

MongoliaKazakhstan

*For the purpose of this presentation recoverable reserves calculated as C1+50%*C2 reserves under Russian reserves classification

Novoport2P reserves: 921 MMboePeak: 174 kbpd at 2021Start up: 2015

SeverEnergia2P reserves: 7,577 MMboePeak: 838 kboepd at 2021Start up: 2012

Messoyakha2P reserves: 966 MMboePeak: 225 kbpd at 2023Start up: 2016

| 13GAZPROM NEFT

REASSESSING PRODUCTION OUTLOOK AS WE IMPLEMENT NEW TECHNOLOGIES

PRIOBSKOE

1999 336.5MMTonnes

12.1MMTonnes in 2014

Start-up Reserves Peak

VYNGAPUROVSKOE

1982 99.6MMTonnes

3.8MMTonnes in 2010

Start-up Reserves Peak

KRAINEYE

1986 14.8MMTonnes

1.3MMTonnes in 1989

Start-up Reserves Peak

2009 profile2013 profileactual production

2000 2005 2010

11,896

2015 2020 2000 2005 2010

3,759

2015 2020 2000 2005 2010

582

2015 2020

| 14GAZPROM NEFT

THREE MAIN SOURCES OF OIL FROM MATURE REGIONS

EOR

HARD-TO-RECOVER RESERVES (HTR)

UNCONVENTIONALS

| 15GAZPROM NEFT

140

120

100

80

60

40

20

WHAT’S SO HARD ABOUT HTR?

146324

314387

400

300

200

100

0

4 mD 2 mD 1 mD 0.5 mD

600

400

200

0 102219

387504

>10 m 6-10 m 2-6 m <2 m

400

300

200

100

0110153

248387

20% 50% 70% 90%

Accumulated production over 20 years, 000 barrels Production rate comparison

Permeability effect

Payzone thickness effect (effective thickness)

Watercut effect

Traditional reservoir, tpd Bazhenov rock

2 year1 year 3 year 4 year 5 year 6 year 7 year 8 year

Bazhenov and other HTRs are much less prolific than

traditional reservoirs

Traditional reserves HTRs

Reve

nue

Reve

nue

Taxe

s

Taxe

s

Cost

s

Cost

s

NPV

NPV

Similar costs, but drastically

lower revenues

| 16GAZPROM NEFT

MAIN DRIVER FOR HTR AND SHALE – REDUCING COST OF CONTACT WITH A UNIT OF PORE SPACE

Produce more at the same cost

of the well –drill more

sophisticatedwells

Produce the same at a

lower well cost –trivialize

sophistication

AS A RESULT PUSH THE BOUNDARY OF PROFITABILITYINTO LESS PROLIFIC ZONES, INVOLVE MORE RESERVES

INTO PRODUCTION

REDUCING COST OF CONTACT WITH A UNIT OF PORE VOLUME

Increasing the length of horizontal sections

Increasing number of horizontals per one vertical wellbore (multilaterals)

Increasing drainage area with further reaching and more numerous fracs

1

2

3

| 17GAZPROM NEFT

TECHNOLOGICAL EVOLUTION OF GAZPROM NEFT

Share of horizontal wells

Length of horizontal leg in meters and numberof fracking stages

Share of hi-tech wells

Share of edge zones drilling

42%35%

13%

2011

Best practice

2013

2012

20112014 2014

2014

2013 2013

2013

2012 2012

2012

100% 100%

100%

0% 0%

0%

Horizontal wells, units

Edge zones drilling

Multi-stage fracs Multilaterals

4%

33%

57%

10%

37%

55%

8%

50%

43%

7%

97%

3%

Up to 40 stages 2,000

1,030

800

300

9-10 stages

5-6 stages

3

76%64%

43%

| 18GAZPROM NEFT

k - permeability, mDH – payzone thickness, m

NEW PRODUCTION FROM GAZPROM NEFT'S MATURE FIELDS COMES FROM MORE DIFFICULT ZONES –BUT AT THE SAME INITIAL PRODUCTION RATE

Quality distribution of reserves Average newly-tapped reserves quality measure, kH

Oil production of new wells, bpd

Quality distribution of reserves, kH

Produced reserves, bln barrels Remaining reserves, bln barrels

25

205

34

247

49

239

72

233

81

232

2014

2014

2013

2013

2012

2012

2011

2011

2010

0

2.0

Reserves, bln. bbl

1.5

1.0

0.5

> 1000 < 1000 < 600 < 300 < 200 < 100 < 50 < 30 < 20 < 10

2010

actual Forecast (risked)

-50%

| 19GAZPROM NEFT

REASSESSING PRODUCTION OUTLOOK AS WE IMPLEMENT NEW TECHNOLOGIES

PRIOBSKOE

1999 336.5MMTonnes

12.1MMTonnes in 2014

Start-up Reserves Peak

VYNGAPUROVSKOE

1982 99.6MMTonnes

3.8MMTonnes in 2010

Start-up Reserves Peak

KRAINEYE

1986 14.8MMTonnes

1.3MMTonnes in 1989

Start-up Reserves Peak

additional new tech production

2009 profile2013 profileactual production

2000 2005 2010

11,896

2015 2020 2000 2005 2010

3,759

2015 2020 2000 2005 2010

582

2015 2020

» Introduced integrated field development plan

» Started drilling horizontal wells with multistage hydrofracs

» Target for horizontal wells to account for 25% of total wells drilled by 2016

» Increased drilling of horizontal wells with multistage hydrofracs

» 75% of total wells drilled in 2013 were horizontal wells with multistage hydrofracs

» Started drilling horizontal wells with multistage hydrofracs, nearly doubling production in 2013

» Expect to develop at least 3 MMTonnes additional reserves from Jura layers

| 20GAZPROM NEFT

» Bazhenov is a low-permeability, but highly hydrocarbon-saturated layer in West Siberia. Characteristic depths are below 2000 meters, with 10 to 40 meters thickness. This layer is spread over 1 mln sq. km.

Keys to unlock Bazhenov: » Developments in hi-res seismic and geomechanical modeling to localize the

reserves and hotspots » Substantial cost reduction for long-outstep (1000 meters and more) horizontals

with 10 or more fraccing stages » Reasonable tax regime » Possibly tertiary recovery methods, such as in-situ retorting and burning to unlock

liquids from kerogen rock

BAZHENOV PILOT ACTIVITIES IN PROGRESS: POTENTIAL TO DEVELOP 150-400 BBOE OF RECOVERABLE RESERVES

2012 2013 2014 2015 2016 2017 2018 2019 2020Evaluation Concept selection Definition Development

» Core and fluids studies

» Geological modeling

» Confirmation of commercial potential of the prospect

» Development of uncertainty reduction plan

Technical feasibility studies

» Studies and tests of 15 various well designs

» Confirmation of feasibility of >100 wells drilling

» Design and development of the full-scale project

» Full-field production potential – more than 100 MMboe until 2035

Additional studies

» Exploration and seismic re-evaluation

» Studies on in-situ burning

Tax regime negotiations

| 21GAZPROM NEFT

GAZPROM NEFT - RUSSIAN LEADER IN TERTIARY RECOVERY

EXPERIMENTSON CORE

SAMPLES2009

TESTEDONE WELL

2009

PILOTPROJECT

2009-2015

FULLIMPLEMENTATION

2018+

USE IN WESTERN SIBERIA

2018+

ENGINEERING – 2013CONSTRUCTION – 2014ASP INJECTION – 2015OIL – 2016

LABORATORYTESTS 2008

PROJECTDOCUMENTATION

2013

7 WELLSTO BE DRILLED

2014

CONSTRUCTIONOF BLENDING UNIT

2014

Alkaline Surfactant Polymer (ASP) flooding at Salym JV with Shell

Example of ASP implementation vs. base production

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

two-fold increase

Additional production from ASP projectUncommercial tail of base productionBase project

| 22GAZPROM NEFT

NEW OIL FROM MATURE REGIONS MAY DOUBLE OR TRIPLE RUSSIA'S RESERVES

74

15.6

86

6.4

28

1.5

22

2.2 25.7

Economic reserves by international classification

Uninvolved HTRs EOR potential Bazhenov and other shales

Total

Conservative estimates

2P PRMS** HTR EOR* Bazhenov pilots Total

210

Russia

Gazprom Neft

Economic effect for Russia » Total possible new production – 136 bln bbl

ASP Pilot » Field tests conducted on West Salym in 2010-2016

Pilot projects in Bazhenov

Project Total production Plateau rate Peak year

Upper-Salym field

84 MMbbl 70 kbpd 2018

Potential growth of economic reserves in Russia and Gazprom Neft, bln bbl

3-fold

+10.0 bln boe

| 23GAZPROM NEFT

Improving product quality, growth in premium channels

DOWNSTREAM

| 24GAZPROM NEFT

DOWNSTREAM STRATEGIC GOALS 2025

Improve quality by upgrading Group refineries

Increase depth of processing by upgrading Group refineries

Increase operational efficiency in refining

Distribute 100% of the output of Company

Distribute motor fuels by expanding the Group’s retail and small-wholesale networks

Refine 40 MMtonnes annually in Russia by 2025, with 80% light product yield

| 25GAZPROM NEFT

HIGHER VALUE PRODUCT MIX AND EXPANDED REFINING THROUGHPUT

7.5 MMTonnes (151 kbpd) Yaroslavl

Refining throughput, MMTonnes

Peer comparison – Refining throughputgrowth (CAGR) 2013 vs. 2009*

11.1 MMTonnes (222 kbpd) Moscow

1.1 MMTonnes (21 kbpd) Mozyr, Belarus

20.2 MMTonnes (406 kbpd) Omsk

2.7 MMTonnes (55 kbpd) NIS, Serbia

■ NIS ■ Slavneft ■ Moscow ■ Omsk

* Source: Company data, INFOTEK

Gazprom Neft

Rosneft

Lukoil

Bashneft

Surgutneftegas

6.3%

5.9%

1.2%

0.8%

-0.8%

2009 2010 2011 2012 2013

33.4

18.4

5.8

6.8

2.4

37.9

19.0

8.9

7.2

2.9

40.5

19.9

10.8

7.4

2.4

43.3

20.9

10.7

9.6

2.142.6

20.2

11.1

8.62.7

+10%

+92%

+26%

+15%

+28%

2013

/200

9 y

-o-y

gro

wth

-3%

+4%

-10%

+28%

-2%

| 26GAZPROM NEFT

GAZPROM NEFT BEGAN PRODUCTION OF CLASS 4&5 FUELS TWO YEARS AHEAD OF REGULATORY DEADLINE

Class 2

Class 3

Class 4

Class 5

2016

Technical regulations

2 years

2009 2010 2011 2012 2013 2014 2015

2010 » Omsk: Isomerization unit

2011 » Yaroslavl: Izomerization unit » Yaroslavl: FCC gasoline hydrotreater

2012 » Omsk: FCC gasoline hydrotreater » Omsk: Diesel hydrotreater » Moscow: Diesel hydrotreater

2013 » Moscow: Izomerization unit » Moscow: FCC gasoline hydrotreater » Yaroslavl: Diesel hydrotreater

High-octaine gasoline yield, % Diesel yield, %

19.30.8

10.9

69.0

51.1

12.6

19.0

17.3

42.0

26.8

80.5

19.5

28.0

3.2

+52.5pp +51.7pp

+6.7pp -22.5pp

-8.1pp

■ Class 5■ Class 4■ Class 3■ Other

2012 2013 2012 2013

■ Class 5■ Class 4■ Class 3■ Other

| 27GAZPROM NEFT

CONVERTING GROUP REFINERIES TO ADVANCED OIL PROCESSING CENTERS

2013 2014 2015 2016 2017 2018 2019 202061.3 Light product yield, % 67.1 80.679.2 Depth of refining, % 82.5 94.236.5 Product output, MMTonnes 36.7 37.9

Licensor choice

Base project

FEED development

Operational documentation

Equipmentdelivery

Construction&installation

Omsk

Deep processing unit*CDU/VDU unitDelayed coking unit

✔

✔

✔

✔

✔

✔

✔

✔

Mos

cow

Complex processing unit** Deep processing unit***

✔

✔

✔

✔✔

Yaro

slav

l

Gasoline pool****, diesel fuel dewaxing 3rd group lube base stock

✔

✔

✔

✔ ✔

✔

✔✔ ✔

NIS Delayed coking unit

3rd group lube base stock Novi Sad refinery ✔

✔

✔

✔

✔

✔ ✔ ✔ ✔

* Hydrocracking, hydrogen and sulphur units** CDU/VDU, diesel hydrotreating and reforming units

*** Hydrocracking and flexicoking unit, energy block **** Reconstruction of FCC, alkiliation and MTBE units

Y2013✔

Omsk Moscow Yaroslavl NIS

| 28GAZPROM NEFT

HIGHLY SUCCESSFUL REBRANDING AND MARKETING EFFORT

2. Benchmarking 3. Loyalty program

4. Accompanying goods and services

1. Retail metrics

Retail metrics Benchmarking, tpd

(Avg. daily sales/site in RU)

Loyalty program, mln members Non oil sales, 1,000 RUB/sq.m.

947

0.89.1

181

1,043

1.912.3

202

1,060 3.3 14.9

205

1,1114.3

16.7

228

2010 2010 201020102011 2011 201120112012 2012 201220122013 2013 20132013

■ Russia network, units ■ CIS network, units ◆ Avg. daily sales per site in RU, tpd

10.3◆

14.2◆

17.6◆

19.0◆

■ Gazprom Neft ■ Lukoil ■ Rosneft

4

8

12

16

20

x2.4

35%74%

21%

27% 10%

| 29GAZPROM NEFT

AVIATION

*includes Ministry of Defenсe market share

2013 Key events: Geographical expansion

» Sales volume increased: +15.5% vs. 2012

» Market share increased by 1.6pp vs. 2012 to 22.9%

» Expanded international presence to 125 airports ( +37 airports in 2013)

» Number of own refueling complexes reached 11 ( + 2 in 2013 Kemerovo and Orsk)

» Increased number of Russian and foreign contractors to 70

» Awarded Emirates Airlines certificate for “Recognition of High Service Level at Airports in the Russian Federation”

Market share in Russia* in 2013

Airports, unitsPremium sales volumes, MMTonnes

Own refueling complexes, units

1.0730

71.64 77

82.07127 92.39

170 11

2010 2010 20102011 2011 20112012 2012 20122013 2013 2013

22.9%

| 30GAZPROM NEFT

BUNKERING

2013 Key events: Geographical expansion

Market share in Russia in 2013

Ports, unitsPremium sales volumes, MMTonnes

Bunker tankers, units

» Premium sales increased: +11.4% 2013 vs. 2012 » Market share in Russia is 18.6% » Active growth of Black Sea bunker market: +57% 2013 vs. 2012 » Expansion in Far East market: +43% 2013 vs. 2012 » Finalized acquisition of Estonian bunkering operator AS Baltic Marine Bunker and

Romanian bunkering operator Marine Bunker Balkan SABegan » Commissioned 2 new bunker tankers in Far East and Black Sea region » Conducted first bunkering operation in the ports of Sochi and Nizhnekamsk » Long-term contracts with major container carriers ZIN, MSC, MAERSK » Acquired terminal in Novorossiysk

1.43 14

102.16

26

5

2.8931

7

3.22 3310

2010 2010 20102011 2011 20112012 2012 20122013 2013 2013

18.6%

Black Sea Region NovorossiyskTuapseKavkazTamanSochi

International Ports TallinnRigaGoteborgConstanta

Northwest Region Saint PetersburgKaliningradBaltiyskMurmanskArkhangelskPrimorskUst-Luga

Inland waterways MoscowYaroslavlKazanVolgogradRostov-on-DonAstrakhanUst-KutSamaraNizhniy NovgorodSheksnaNizhnekamsk

Far East NakhodkaVladivostokVostochniySakhalinKozminoVanino

| 31GAZPROM NEFT

EXPANDING MARKET SHARE DRIVES VOLUME GROWTH

Deliveries, 2013

Lubricants / 2013 Key events

Completion of construction and launch of lubricants

production

Sales of G-Family products growth

To Libya, Nigeria, Turkmenistan, Uzbekistan,

Hungary, Dominican Republic and Afghanistan, bringing total number

of foreign countries to 42

Omsk 26% Y-o-Y

Bitumen / 2013 Key events

» Began production at KAZAKHSTAN bitumen plant

» Created a JV with Total to produce polymer-modified bitumen under G-Way Styrelf brand

» Concluded acquisition of Russia’s largest polymer modified bitumen plant

Premium sales volume, MTonnes

81121

152 170

2010 2011 2012 2013

Premium sales volume,MTonnes

1626

2012 2013

Market share in Russia in 2013

12.5%

Market share in Russia in 2013

30%

+7

| 32GAZPROM NEFT

Questions & Answers

| 33GAZPROM NEFT

SUPPLEMENTAL MATERIALS

| 34GAZPROM NEFT

Palyanovskoye

FRACTURED

HYBRIDSMATURITY

Bolshoi Salym

Niobrara

SPD

Sredne Nazymskaye

Eagle Ford Wolfcamp

Structural map, 2008

Re-interpretation, 2013

Structural map, 2013

Structural map withfissures clusters, 2013

CURRENT FOCUS: DEVELOPING BETTER UNDERSTANDING OF GEOLOGY AND RESERVES

| 35GAZPROM NEFT

Goal Frac design Multi-stage frac interval

Goal Frac design Multi-stage frac interval

CUSTOMIZING FRAC DESIGNS TO MEET DIFFERENT CHALLENGES

Unconventional tight reservoir

Traditional tight reservoir

Increase drainagearea by creating efficientsystem of fissures

Compromisebetween fissureopening and halflength,depending onpermeability andunderlying waterpresence

100-200 meters,depending onpermeability

Create a fissureto connect isolated oil-saturatedlayers of the reservoir

Maximise halflength,taking intoaccount proppantproperties andgeomechanicalcharacteristics ofreservoir rock

50 -100 meters based ontechnical constraints

50 – 100 м

100 – 200 м

| 36GAZPROM NEFT

THE PHYSICS OF ALKALI SURFACTANT POLYMER FLOODING

» Surfactant reduces sur-face tension at oil-water interface, increasing oil mobility

» Alkali reduces surfactant bonding with rock matrix; reaction with oil creates some additional surfactant reducing the need to inject

» Residual oil saturation of pores is reduced to 10-15%

» Highly viscous polymer ensures a uniform sweep

» Sweep efficiency increases from 70-80% to 85-90%

CAPILLARY IMMOBILIZATIONUNEVEN DISPLACEMENT OF OIL

UNEVEN DISPLACEMENT

ASP FLOODING RAISES OIL RECOVERY FACTOR MORE THAN 1.5 TIMES, COMPARED TO TRADITIONAL WATERFLOOD

Rock

Bound water

Reservoir before start of production

Water breakthroughs

Trapped oil

Reservoir after traditionalproduction methods

Vertical heterogeneity

Oil becomes mobile

Alkaline+surfactant unlock oil

Polymer action

Oil

Polymer

Water

Prod

ucer

Inje

ctor

Prod

ucer

Inje

ctor