Gazprom Neft Board As of 31 December 2012, Gazprom Neft and its subsidiaries hold the mineral rights to 74 license areas located in 11 regions of Russia. In Serbia, the Gazprom Neft's subsidiary Naftna Industrija Srbije, holds 69 licenses. Based on an audit of reserves conducted by DeGolyer and MacNaughton and according to the Petroleum Resources Management System standards, the company's proven reserves at the end of 2012 totaled 1.2 billion tonnes of oil equivalent, and its reserve replacement ratio was over 286%. Most of the company's oil production operations in Russia are carried out by three subsidiaries: Gazpromneft-Noyabrskneftegaz, Gazpromneft-Khantos and Gazpromneft-Vostok.
Gazprom Armenia announced, that Gazprom will buy additional ARG-shares and then controls 58% of the companies equity capital. On 27 October 2006 Gazprom's Executive Board approved acquire additional issues of ARG, which is most likely part of April's controversial deal. According to Karen Karapetyan, Gazprom will pay $118.8 million to have the commanding share of ARG. In January 2014 Gazprom agreed to purchase another 20% of ARG bringing Gazprom's ownership to 100% of the company. The company was renamed Gazprom Armenia. The agreed was signed by Chairman Alexey Miller (Gazprom) and Armenian Minister of Energy and Natural Resources Armen Movsisyan. Since Armenia