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Robust Performer in Times of Market Turmoil

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Robust Performer in Times of Market Turmoil Robust performer in times of market turmoil Gazprom Investor Day February 2009 Disclaimer This presentation has been prepared by OJSC Gazprom (the “Company”), and comprises the slides for a presentation to investors concerning the Company. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities representing shares in the Company, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision. No reliance may be placed for any purposes whatsoever on the information contained in this presentation, or any other material discussed at any presentation or on its completeness, accuracy or fairness. The information in this presentation should not be treated as giving investment advice. Care has been taken to ensure that the facts stated in this presentation are accurate, and that the opinions expressed are fair and reasonable. However, the contents of this presentation have not been verified by the Company. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in or discussed at this presentation. None of the Company or any of their respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. The information in this presentation includes forward-looking statements. These forward-looking statements include all matters that are not historical facts, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties, including, without limitation, the risks and uncertainties to be set forth in the prospectus, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. No person is under any obligation to update or keep current the information contained herein. By attending the presentation you agree to be bound by the foregoing limitations. 1 Today’s Speakers Vlada Rusakova Strategy Member of Gazprom Management Committee Head of Strategic Development Department Alexander Medvedev Global Energy Markets Deputy Chairman of Gazprom Management Committee Director General of Gazprom Export Sergey Kupriyanov Ukraine Dispute Press Secretary of Chairman of Gazprom Management Committee Andrey Kruglov Corporate and Financial Overview Deputy Chairman of Gazprom Management Committee Head of the Department for Finance and Economics 2 Part 1. Strategy Vlada Rusakova Member of Gazprom Management Committee Head of Strategic Development Department Price Conditions Included in Long-Term Strategy Gazprom’s long-term strategy is based on conservative price scenarios Brent (US$) 120 100 Optimistic forecast zone Actual oil prices 80 $ 80 60 $ 60 $ 45 40 $ 35 Forecast zone for long-term planning 20 $ 45.5 (mean value of actual oil prices) Nominal oil prices 0 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 Source: CERA, Company data. 4 Global Energy Consumption Global energy consumption grows at a stable rate in the long-term Rate of Energy Consumption and Global Energy Consumption GDP Growth (%) (mln toe) 10 12 000 10 000 8 8 000 6 6 000 4 4 000 2 2 000 0 0 1975 1979 1983 1987 1991 1995 1999 2003 2007 1975 1979 1983 1987 1991 1995 1999 2003 2007 (2) Energy Consumption Rate Gas Consumption Rate Energy Consumption Gas Consumption GDP Growth Rate 9 Economic cycle influences short-term growth rate of global energy consumption 9 Declines in economic activity do not influence long-term tendencies of energy consumption growth 5 Source: BP Statistical Review of World Energy June 2008. Projections of Global Energy Demand Global gas demand will continue to grow Volumes of Global Energy Consumption Structure of Energy Consumption Energy efficiency and Other energy saving Nuclear Oil 2007 Hydro Coal Gas 21% Other Nuclear Oil Population increase, global 2030E Hydro economy growth Coal Gas 22%-25% 2007 2030E Energy demand Changes in energy demand Gas competitive advantages Large reserves base Factors taken into account in short-term planning Developed infrastructure Factors taken into account in long-term planning Environmentally clean type of fuel 6 Target Markets 2020 Gazprom’s guaranteed contracts and agreements underpin a significant part of future gas demand CIS and Baltic States Market New Markets 15 % 7 % 68% 15% European Market 8 % 29 % Domestic Market 49 % Contracted volumes and existing agreements New volumes 7 Specifics of Gas Industry Long-term planning – necessity of gas business Gas business is characterised by Long life span of production capacities High capital coefficient Slow response of production processes Consumer contracts ~ 25 – 30 years Field development period ~ 30 years Life time of gas transportation facilities ~ 50 years 8 Planning Process in Gazprom Current planning to meet long-term goals Development Strategy for 25 YEARS STI (1) OF FIRST Strategic LEVEL planning Program for STI OF SECOND LEVEL 10 YEARS development Feedback DEVELOPMENT PROGRAM OF GAZPROM MONITORING AND CONTROLLING (INDICES, STI, KPI) List of priority Indices of Investment Program the Program Medium-term projects and Budget for planning Fact 3 YEARS INVESTMENT PROGRAM BUDGET indices/KPI FOR 3 YEARS FOR 3 YEARS KPI Investment Program Short-term INVESTMENT PROGRAM Fact and Budget for planning BUDGET 1 YEAR FOR 1 YEAR FOR 1 YEAR indices/KPI Notes: (1) STI – strategic target indicators. 9 Gas Business: Main Factors of Success Gazprom – leader in global gas business Largest Gas Supply System in the World Gazprom’s Reserves – 30 tcm(1), (2) 17 40 60 83 World Russia Total Russian Resources(1) Accumulated Production Total: 249 tcm 14.7 A+B+C1 47.7 C3+D C2 165.8 20.4 Note: 10 (1) Source: company data, 2007 (2) АВС 1, excluding new licences. Expected Gas Production and Capital Expenditure Programs Gazprom continues investing in business development Gas Production Capital Expenditure (Annual Average) (bcm) (Bn RR p.a.) ≥ 620 bcm 700 800 600 700 600 500 500 400 400 300 300 200 200 100 100 0 0 2008 2015E 2020E 2006-2010E 2011-2015E 2016-2020E Currently Existing Projects New in Nadym-Pur-Taz Region Exploration Production Transportation Processing Other Shelf Yamal Peninsula 11 Oil Prices vs. Upstream Capital Costs Indices Market terms for CAPEX reduction (Index) ($/bbl) 330 140 120 280 100 230 80 60 180 40 130 20 100 80 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009E 2010E 2011E Upstream Capital Costs Index (left axis) Oil Price, $/bbl (right axis) Source: CERA, Gazprom. 9 Significant correlation between oil prices and capital costs means a reduction in CAPEX as a result of falling oil prices 12 Major Projects Development Major existing pipelines Fields Yamal-Europe pipeline (Torzhok-Germany section) SRTO-Torzhok pipeline Expansion of gas transportation system in the Urengoi region Kasimovskoye UGSF-CS Voskresensk pipeline CS Sokhranovka-CS Oktyabrskaya pipeline Pochinki-Izobilnoye pipeline (Petrovsk-Frolovo-Izobilnoye section) Gryazovets-Vyborg pipeline Nord Stream project South Stream project Murmansk-Volkhov pipeline Caspian Costal pipeline Pochinki-Gryazovets pipeline Bovanenkovo-Ukhta-Torzhok pipeline PriorityPriority Projects Projects Production: Transportation: Zapolyarnoye field SRTO – Torzhok (Valanginian deposits) (CS(1) at Ukhta-Gryazovets section) SRTO-Ural Bovanenkovskoe field (CS at Right Khetta-Tayozhnaya (Senoman-Aptian deposits) section) Urengoiskoye field Pochinki-Gryazovets (Achimovsk formation) Nord Stream Shtokmanovskoye field Yamal-Center (Bovanenkovo-Ukhta and Ukhta- Severo-Kamennomisskoye Gryazovets sections) field Murmansk-Volkhov 13 Notes: (1) Compressor Stations. Independent Gas Producers (IGP) Russian gas industry development program till year 2030 prioritises fields development Gas Resources in Russia (2007) Gas Consumption in Russia State Undistributed (bcm) Fund 450 16% 300 IGP 21% 150 63% IGP IGP 0 2008E 2020E Gas Production in Russia Increase of Independent Producers’ Market Share (bcm) IGP IGP 600 19.6% 500 20-30% 400 300 200 100 0 2000 2003 2007 2008E 2020E Gazprom
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