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Gazprom is pondering the creation of an oil company Gazpromneftedobycha
Gazprom is pondering the creation of an oil company Gazpromneftedobycha, deputy board chairman of Gazprom Alexander Ananenkov told journalists on Tuesday. "We are analyzing the creation of a company Gazpromneftedobycha that will consolidate Gazprom's oil assets," he said. According to Ananenkov, Gazprom plans to produce 1.25 million tons of oil in 2005 (the figure for last year was 1 million tones). The proven recoverable oil reserves of Gazprom are 600 million tons, the deputy board chairman said. "The proven balance of Gazprom's reserves is about 600 million tons," he said. Ananenkov added that the company plans to increase its hydrocarbons reserves to 550 billion cubic meters. Last year Gazprom spent 11.9 billion rubles ($1 is 28.10 rubles), or 4 billion rubles more than the year before, on geological survey within the program of developing the raw materials base of the gas industry until 2030. The program helped to increase gas reserves by 1,304.3 billion cubic meters in 2002-2004. "Since launching the program, we have spent over 26 billion rubles on geological survey," Ananenkov said. Gazprom plans to regain the assets it used to have, he said without explaining which assets were meant. The 2005 investment program will be corrected in August, the deputy board chairman said. "The investment program is reviewed with due regard for the company's operation in the first half of the year," he said. "Like every year, this August Gazprom will correct its investment program at the board session," Ananenkov said. He recalled that this year Gazprom plans to invest 212 billion rubles. The gas monopolist has drafted proposals to the law On Mineral Resources concerning the reproduction of the mineral base, Ananenkov added. They stipulate the provision of the mineral right in two stages. "At the first stage we select contenders for the development of fields who offer the most attractive projects. The second stage consists of a closed auction for them," he said. Gazprom also suggests stipulating in the law a possibility of joint field development by several companies.
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