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In the paper an approach to develop a fracture network model is proposed. The key feature of this approach is the ability to distinguish hydraulically conductive and non-hydraulically conductive fractures. This ability is granted by modeling the fracture network with the use of rock physics methods using data based on both seismic survey data and geomechanical modeling results. Following the concept of hydraulically conductive and critically stressed fractures we carried out an analysis on fractures present in the reservoir to determine which of them are hydraulically conductive in the actual stress state. Then the fracture network was developed for these fractures applying the rock physics modeling methods. The integration of geomechanical properties of fractures into rock physics modeling provided an opportunity to predict how the conductive fracture network would alter with dynamically changing stress field throughout the reservoir development. A fracture network model was developed for an oil field in Russia and the results of well productivity analysis provided a solid basis for establishing the relationship between fracture network model parameters and well productivity. The obtained results strongly enhance the reliability of fracture network model based on geomechanical modeling results.