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. Last Updated: 07/27/2016

Gazprom Reserves Put At $183Bln

Gazprom said Tuesday that its proved and probable reserves, excluding its oil arm, were valued at $182.5 billion.

Gazprom's reserves amounted to 20.7 trillion cubic meters of natural gas, 659 million tons of gas condensate and 291 million tons of oil at the end of 2006, as audited by DeGolyer & MacNaughton using Society of Petroleum Engineers standards, Gazprom said in a statement.

Proven reserves climbed 12 percent to 18.2 trillion cubic meters from the previous year, while proven and probable reserves changed little, Interfax reported Monday, citing a Gazprom eurobond prospectus.

The state-controlled company's oil arm, Gazprom Neft, held an additional 33 billion cubic meters of natural gas and 776 million tons of oil, audited by Miller & Lents and valued at $26.1 billion, Gazprom said.

Gazprom's board on Tuesday recommended an annual dividend for 2006 of 2.54 rubles (9.8 cents) per share, a 69 percent increase from the previous year.

Shareholders will vote on the dividend at a June 29 meeting, the company said. Gazprom has 23.67 billion shares outstanding, suggesting a total payout of $2.3 billion. Gazprom paid a dividend of 1.5 rubles per share last year.

Gazprom deputy CEO Alexander Medvedev said the idea of producers forming a gas cartel akin to OPEC was increasingly unlikely, according to a report to be published Thursday in Germany's Capital magazine.

Bloomberg, AP