Reserves

According to the Russian classification of reserves:

  • Gazprom holds 36.07 trillion m3 of natural gas
  • 1.44 billion t of gas condensate
  • 1.85 billion t of oil

The value of reserves (as of December 31, 2014): USD 309.6 billion

What reserves does Gazprom possess?

Gazprom’s share in the global gas reserves
Gazprom’s share in the global gas reserves

Gazprom possesses the world’s richest natural gas reserves. Its share in the global and Russian proven gas reserves accounts for 17% and 72% respectively.

Gazprom Group’s А+В+С1 gas reserves totaled 36.07 trillion m3 as of December 31, 2014.

Gazprom annually audits new fields and adjusts the volume and value of the reserves contained in the fields audited earlier, taking account of the reserve dynamics (cumulative production and growth) as well as changes in gas production costs, taxes and prices.

As of December 31, 2014 an independent audit was performed under the PRMS international standards on Gazprom’s A+B+C1 reserves – 94% of natural gas, 92% of gas condensate and 90% of oil.

Paragraph Link
Independent audit of Gazprom Group’s reserves and their value
Independent audit of Gazprom Group’s reserves and their value

According to DeGolyer & MacNaughton’s appraisal, Gazprom Group’s proven and probable hydrocarbon reserves are estimated at 23.5 trillion m3 of gas, 848.6 million t of condensate, 1,210.2 million t of oil and valued at USD 309.6 billion.

Paragraph Link

Gazprom has recently boosted its geological exploration activities. What are the outcomes?

The major outcome is determined by the fact that in the past ten years OAO Gazprom’s gas reserves replenishment has been exceeding the level of its gas production. In 2014, as a result of geological exploration activities the Company accrued 822.5 billion m3 of gas. The gas replenishment to extraction ratio amounted to 186%.

Paragraph Link

What are the latest license acquisitions of Gazprom?

In 2014 pursuant to the Russian Government Directive, Gazprom Group 13 subsurface use licenses were obtained.

Paragraph Link

What is Gazprom’s strategy for enhacing its mineral resource base?

Distribution of Gazprom Group’s natural gas reserves in Russia
Distribution of Gazprom Group’s natural gas reserves in Russia

Gazprom’s strategic objective in relation to its resource base is to maintain parity between reserves buildup and production as well as to provide for expanded reserves replenishment in the long term.

A fundamental document determining OAO Gazprom’s mineral resource base replenishment strategy is the Program for Mineral Resource Base Development in Gas Industry until 2035. The Program aims at securing the Company’s robust performance and expanded replenishment of hydrocarbons. The Program provides for building up the total growth in the explored reserves by 20 billion t of fuel equivalent between 2011 and 2035 through exploration activities.

The Yamal Peninsula and Russian northern seas were identified as the long-term strategic priorities in gas production.

Eastern Siberia and the Far East will also be among the key gas production regions through to 2020. Gas production will progress due to the development of the Sakhalin Island offshore fields as well as fields in the Republic of Sakha (Yakutia) and the Irkutsk Region.

In April 2011 the Gazprom Board of Directors approved the updated Program for Hydrocarbon Resources Development on the Russian Federation Shelf until 2030. The Program implementation will enable the Company to annually produce over 200 billion m3 of gas (without regard to gas from Sakhalin II) and some 10 million t of oil from the Russian continental shelf by 2030.

Gazprom’s activities in new regions will help maintain sustainable gas supply in Russia and diversify gas export routes.

It is planned to proceed with gas exploration and production projects abroad in order to expand the Group’s resource base beyond Russia.

Paragraph Link