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Glossary: Key Terms, Definitions & Acronyms

2D, 3D

Seismic exploration.

ADR of JSC Gazprom Neft

American depositary receipt issued on shares of JSC Gazprom Neft. 1 ADR equals five ordinary shares of JSC Gazprom Neft.

AC

Authorized capital.

APG

Associated petroleum gas.

Asia Pacific

The Asia-Pacific region. This includes the nation states of continental Asia, the Americas and the Pacific Rim.

Associate company, associate

A company in which Gazprom Neft Group holds at least 20% of voting shares (for a joint-stock company) or 20% of registered capital (for a limited liability company).

Baltic States

Estonia, Latvia and Lithuania.

BOE

Barrels of oil equivalent.

Catalytic cracking

Thermal catalytic refining of petroleum fractions to produce high-octane gasoline.

Central Asia

Kazakhstan, Kyrgyzstan, Tajikistan,Turkmenistan and Uzbekistan.

CIS

Commonwealth of Independent States: all former Republics of the USSR, except Estonia, Latvia and Lithuania.

Coking

Refining of liquid and solid fuels by heating them in the absence of air. As the fuel decomposes, it produces solid coke and volatile particles.

JSC Gazprom Neft replacement ratio

Gross increment of proven reserves, divided by total production in the period.

CP

Civil Protection.

CS

Compressor station.

DOLLARS

U.S. dollars.

DTS

Digital trading site.

EBITDA

Net profit before interest, tax, depreciation and amortization.

EU

The European Union.

FCF (FREE CASH FLOW)

Free cash flow

FEC

Fuel and energy complex

FFMS of Russia

Federal Service for Financial Markets

FFS

Fuel filling station.

FTS of Russia

Federal Tariff Service

Geological survey

Geological surveying for exploration purposes.

Gas processing plant

Gas and/or condensate refining plant.

Gazprom Neft Group, the Group, Gazprom Neft

All companies of the Group that comprise JSC Gazprom Neft (the parent company) and its subsidiaries.

GEO

Geological and engineering operations.

GD (GOSUDARSTVENNAYA DUMA)

The State Duma.

HSE

Health, safety, & the environment.

Hydrocarbon reserves in categories A+B+C

Explored reserves according to the Russian classification. Represents the part of geological reserves that it would be economically efficient to extract at the date of the estimate, based on the market situation and rational use of modern equipment and technologies, and taking into account requirements for the protection of mineral deposits and the natural environment. Explored reserves of gas in categories А+В+С1 are viewed as fully recoverable. For reserves of oil and gas condensate, an extraction coefficient based on geological and technical factors is used.

Hydrocarbon reserves in categories С1+С2

Category С1 represents reserves of oil and gas proven to exist in standalone wells, with favorable industrial and geological data for other wells. Category С2 represents reserves of oil and gas, the existence of which is suggested by geological and geophysical information within known gas-producing areas. Reserves of category С2 are preliminary estimates that are used to plan detailed survey work at specific fields.

Hydrocracking

A cracking technique used in refining of crude oil fractions with a high boiling point, fuel oils or tar oil to make gasoline, diesel fuel and jet fuel, lubricant oils etc.

Hydrotreatment

Purification of petroleum products to remove organic sulphuric, nitric, and oxygen-based compounds using molecules of hydrogen. Hydro treatment improves the quality of petroleum products.

ISO 14001 Standard

International standard for environmental protection that sets requirements for environment management quality and is used to work out legally compliant environmental policies. The standard regulates environmental aspects of corporate activities that are controllable and require monitoring. This is a voluntary standard that does not supersede legislated requirements.

ISRM

Information system of risk management.

JV

Joint venture.

KhMAD

Khanty-Mansiysk AD (KhMAD) Khanty-Mansi Autonomous District — Yugra.

LHG

Liquefied hydrocarbon gases

LNG

Liquefied natural gas

M3

Cubic meter of natural gas, measured at the pressure of one atmosphere and temperature of 20°С.

MET

Mineral extraction tax

MICEX

Moscow Interbank Currency Exchange.

MIP

Medium-term investment program.

MNPZ

Moscow Refinery.

Netback

Selling price less shipping and handling.

non-CIS countries

Foreign countries with the exception of CIS and the Baltic states.

NPZ

Refinery.

OC

Oil Company.

OE

Oil equivalent.

OGCF

Oil and gas condensate field.

ONPZ

Omsk Refinery.

OPSC

Oil products supply companies.

ORF

Oil recovery factor.

OSH

Occupational safety and health.

PBM

Polymer-bituminous binding materials.

POE

Protection of environment.

POL

Petroleum, oil and lubricants.

Possible reserves

Unproven reserves, which are less likely to be extracted than probable reserves, based on the analysis of engineering and geological data. There must be at least 10% probability that actual production will be equal to or more than the estimate of proven, probable and potential reserves.

Primary refining

Crude oil distillation using atmospheric vacuum devices. Crude oil enters the distillation columns to undergo an atmospheric pressure distillation process, which splits it into a number of fractions: light and heavy gasoline fractions, kerosene fraction, diesel fraction, and fueloil as a residue. The quality of the obtained fractions does not meet standards for marketable petroleum products, so the fractions must undergo further(secondary) refining.

Probable reserves

Unproven reserves, which are most likely to be extracted based on the analysis of engineering and geological data. There must be at least a 50% probability that actual production will be equal to or greater than the estimate of proven and probable reserves.

Prospecting and exploration drilling

All prospecting and exploration drilling carried out during the reporting period, including total distance drilled in wells, which have been fully drilled or are in the process of being drilled, but will be completed in the next reporting period.

Proven reserves

Quantities of liquid, gaseous and solid hydrocarbons, which, according to engineering and geological information, are most likely to be produced by industrially available methods from known deposits starting from a specific date, under the existing economic conditions, with generally accepted operating techniques, and in compliance with applicable effective national regulations.

PRMS and SEC international standards

International classification and estimate of hydrocarbon reserves by the standards of the Petroleum Resources Management System (PRMS) and US Securities and Exchange Committee (SEC). These standards include not only the estimate of hydrocarbon reserves, but also provide the estimate of the commercial practicability of extraction and the justifiability of its availability. The period of economically viable reserve development (period of validity of the development licence) is taken into account as well.

PSA

Production sharing agreement.

PSD

Pilot-scale development.

PSE

Pilot-scale exploitation.

PST

Pilot-scale test.

R&D

Research and development.

Refining depth

A refining indicator defined as the percentage ratio of obtained petroleum products, not including bulk fuel oil, to the original quantity of crude oil. Measured in %.

Refining output capacity

Maximum possible output by a plant unit in a specific period.

RF

Russian Federation.

RTS

Russian Trading System (stock exchange).

SC

Squeeze cementing.

SCRCM

State Commission for Reserves of Commercial Minerals.

SILCO (SIBERIAN LIGHT)

Siberian light crude oil.

STC

CJSC Science-Intensive Technologies Center.

Subsidiary

Subsidiaries and Affiliates.

TCF t.

Tonne of conventional fuel (carbon equivalent), equals 877 m3 of natural gas.

Yamal-Nenets AD (YaNAD)

Yamal-Nenets Autonomous District.

YANOS

Yaroslavl Refinary Slavneft-ANOS.

UGS

Underground gas storage facility.

UPGRADER

Equipment for upgrading oil quality.

VAT

Value added tax.

VIOC

Vertically integrated oil company.

TOOLS:

Compared to 2011
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