20 May 2009

Shtokman Development AG Board of Directors Reviewed Progress of Shtokman Project Implementation Phase 1

The Board of Directors of Shtokman Development AG met today in Moscow. The meeting was chaired by OAO Gazprom Management Board Chairman Alexei Miller, with the participation of Total CEO Christophe de Margerie and StatoilHydro President and CEO Helge Lund.

The Board reviewed the progress of the Integrated Development of the Shtokman Gas-Condensate Field, Phase 1, and discussed the proposed Work Program through the date of Final Investment Decision.

The Board approved the Company’s Annual Report for 2008. During the period covered by the Annual Report, the structural and organizational work required to set up of the Company was completed, including registration of the Company in Zug, Switzerland, establishment of its branches in Moscow, Murmansk and Teriberka, and staffing most positions in the Company’s organizational chart. During 2008, the Company also confirmed the technical feasibility of the project and approved the main design and technological solutions.

The Board reviewed and approved the 2008-2009 Budget implementation and the financial statements for fiscal year 2008.

The Board also approved the HSE policy, Ethics Charter, Contracts and procurement policy as well as constitution of the Company’s Bidding Commission for evaluation of tender submissions.

All resolutions have been unanimously approved by attending directors of Shtokman Development AG.