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Licensing

Rosneft is the largest subsoil user in the Russian Federation and the owner of over 22% of the hydrocarbon licenses of the entire subsoil fund allocated. In its operations, the Company adheres to high standards of subsoil user responsibility and the principle of strict performance of all license obligations.

In accordance with the law, subsoil usage is documented by a special state permit in the form of a license. The license is issued by the competent authorities and contains information on the developed subsoil plot, the term, financial and other conditions of subsoil use. The Company holds a number of licenses issued by the state authorities for geological studies, exploration and production of mineral resources at oil and gas fields in the Russian Federation and its continental shelf.