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Rosneft Consolidates Stake in OJSC Vostsibneftegaz

15 March 2012

Rosneft has increased its stake in OJSC Eastern Siberian Oil and Gas Company (OJSC Vostsibneftegaz) from 70.78% to 99.87% through the acquisition of shares from Montenore Investment LTD and from minority shareholders as part of a mandatory buy back offer procedure. The Company paid 9.3 billion rubles to consolidate its stake in OJSC Vostsibneftegaz.

Notes for editors:

OJSC Vostsibneftegaz owns licenses for geological exploration and development of the Yurubcheno-Tokhomskoye oil and gas condensate field and the Agaleevskoye gas field in Eastern Siberia.

The unique Yurubcheno-Tokhomskoye field (which is part of the Yurubchenskoye license block) contains recoverable C1 reserves of 125.6 million tonnes of oil and 152.4 billion cubic metres of gas and recoverable C2 reserves of 181.7 million tonnes of oil and 184.6 billion cubic metres of gas.

Full-scale development of the deposit was launched following an investment decision by Transneft to construct a 603 km long oil pipeline from fields in the Yurubcheno-Tokhomskoye area to Tayshet (the start of the Eastern Siberia–Pacific Ocean pipeline) and the introduction of a special tax regime. The latter is due to the significant investment that will be required to develop the field given its remote location and the complex geological structure of the deposit.

Rosneft Information Division
Tel: +7 (495) 411 54 20
Fax: +7 (495) 411-54-21
March 15, 2012

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.