Gazprom for vouchers. Fifteen percent of the stock was allocated to Gazprom employees. The state retained 40% of the shares. That amount was gradually lowered to thirty-eight percent. Trading of Gazprom's shares was heavily regulated. Foreigners were prohibited from owning more than nine-percent of the shares. In October 1996, 1% of Gazprom's equity was offered for sale to foreigners as Global Depository Receipts. In 1997, Gazprom offered a bond issue of US$2.5 billion. Chernomyrdin, as Prime Minister of Russia, ensured Gazprom avoided tight state regulation. Gazprom evaded taxes, and the Government of Russia received little in dividends. Gazprom managers and board
Gazprom in the Nadym-Pur-Taz region (near the Gulf of Ob) in Yamalo-Nenets Autonomous Okrug in Western Siberia. Historically, the three largest fields are Medvezhe, Urengoy and Yamburg. After more than twenty years of production, the fields are now in decline. Production from the fields has decreased by twenty to twenty-five bcm per year. The production at Zaporliarnoe, Gazprom's fourth largest field, increased until 2004, offsetting the decline in the other fields. Since 2004, Gazprom has maintained production by activating new smaller fields and by purchasing production assets from other companies. Gazprom Neft produces crude oil. In 2005, Gazprom purchased 75 percent