1. 21.10.2010 г. JSC GAZPROMNEFT JI PROJECT YETY-PUROVSKOE, POST KYOTO POSSIBILITIES IN ENERGY SAVING PROJECT DIRECTOR NIKOLAY SEREGIN

2. ENVIRONMENTAL AND SOCIAL IMPACT OF THE PROJECT IN THE REGION about 40% of associated gas from the wells of the oilfields is utilized in the gas processing plants 40% is used for electricity production, the rest 20% is being flared 2

3. GAZPROMNEFT-NNG 3

4. JI - JOINT IMPLEMENTATION MECHANISM JOINT IMPLEMENTATION - THE WAY FOR RUSSIAN COMPANIES TO USE KYOTO MECHANISM GAZPROMNEFT STARED RESEARCH SINCE 2006 4

5. ETY-PUROVSKOE OILFIELD TILL AUGUST 2008 FLARING OF ASSOCIATED GAS WAS THE ONLY WAY TO DEAL WITH IT CREATING СО2 EMISSION 5

6. Yety-Purovskoe oil field in Yamal-Nenets autonomous region On-site use for associated gas 0,4% in 2008 Investment committee decision 23 April 2008 to implement utilization project taken into consideration Kyoto Protocol 6

7. PROBLEMS OF JI IMPLEMENTION 1 DELAY OF RATIFICATION IN RUSSIA NO LEGAL REGULATION TILL THE END OF 2007 TENDER PROCEDURE DELAYS 2010 TENDER PROCEDURE DELAYS 2010 234 NEW REGULATION SINCE NOVEMBER 2009 7

8. PIN INITIAL CHECK UP BY THE COMPANY CHECK UP OF THE COMPLIANCE WITH CRITERIA OF JI BASE LINE PDD MAIN STEPS FOR JI IN RUSSIA TRACK 1 JI Partners Sberbank of Russia Ministry of Economic Development of the Russian Federation Ministerial act EXPERT COUNCIL VERIFICATION DETERMINATION PROCEDURE BY AIE Letter of approval ERU LEGAL CONSULTANTS TENDER TERMS Letter of Approval by the Government of Japan MONITORING REPORTS FRAMEWORK AGREEMENT WITH PARTNER – technical part – registration and tender 8

9. Gazprom Pipeline Yety-Purovskoe PROJECT SCHEME Start of the Project (August 2008) Vingayahinskoe Novogodnee Vingapurovskoe Yarainerskoe Noyabrsk Vingayahinskoe CS Vingapurovskoe CS AG 9 Russia (Host Party): JSC Gazprom Neft JSC Gazpromneft-Noyabrskneftegaz Japan: Nippon Oil Corporation Mitsubishi Corporation Project participants:

10. PARTNERS Mitsubishi corporation and Nippon Oil corporation: Nippon Oil corporation – the author of methodology AM009 for the projects of utilization of associated gas from oil wells which is usually burnt. Methodology approved by UN Mitsubishi corporation is number 3 in the rating of the leading world developers of such projects (Reuter 2008) 10

11. 11

12. 12

13. Kyoto protocol is valid till 2012 but Kyoto mechanisms including JI are not restricted by time and may be used by interested parties Alternative schemes to increase project feasibility and energy efficiency GAZPROMNEFT will reduce CO2 emissions by decreasing flaring with a target of 95% utilization of associated gas within 3 years KYOTO AND POST KYOTO POSSIBILITIES

14. 13

15. THANK YOU