The Gazprom Headquarters has hosted the Boards of Directors Meetings of UrdanetaGazprom I and UrdanetaGazprom II Companies. The meetings were chaired by Stanislav Tsygankov, Chairman of the UrdanetaGazprom I and UrdanetaGazprom II Board of Directors, Head of Gazprom International Business Department.

The participants heard reports on the current activities of the Rafael Urdaneta project. In view of switch over to prospecting stage 2 stipulating appraisal well drilling, the organizational decisions were approved including new organizational structure of the companies and Plan of the top-priority activities aimed at executing the program on drilling at the licensed blocks.

The participants also examined other issues related to the Board of Directors competency.

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The proved gas reserves of Venezuela account for 4.3 tcm being at the first place in Latin America. The proved oil reserves are at 11.2 bln t (7 per cent out of the world reserves). The annual gas production is nearly 70 bcm. The total gas produced is only domestically consumed. The country does not import or export natural gas. In the Venezuela’s energy balance natural gas, oil and hydropower are estimated at 41, 38, and 21 per cent, respectively.

In September Gazprom 2005 was declared the winner of the tender for exploration and development of natural gas fields in the Gulf of Venezuela within the Rafael Urdaneta project (Urumaco I and Urumaco II Blocks).

Pursuant to the terms of the tender for Urumaco I and Urumaco II Blocks Gazprom established UrdanetaGazprom I and UrdanetaGazprom II Companies that were obliged to act as an operator at the relevant licensed blocks.

In May 2007 under the terms of licenses issued, Gazprom completed the first stage of geological survey and decided to drill test wells.