Gazprom ugrades production estimates
Russian energy major Gazprom by 2020 intends to extract an annual total of 670 billion cubic meters of gas. In 2007, however, extraction decreased 1,3 percent to 548 billion cubic meters.
Production in 2007 dropped below 550 billion cubic meters following lower consumption both domestically in Russian and among European importers. The mild winter is expected to be the main reason for the lower consumption, Gazprom writes in an information paper distributed in connection with a press conference today.
Despite the modest production results for 2007, Gazprom still increased its amount of reserves. According to the company, 592 billion cubic meters of resources were found in 2007, thus increasing total company reserves to 29,8 trillion cubic meters.
More gas
Production in 2008 is still believed to increase to 561 billion cubic meters. The long-term production estimates of Russia’s gas producer number one also remain highly ambitious. By 2020, the company plans to extract an annual total of up to 615 billion cubic meters by year 2015 and up to 670 billion by 2020.
By that time, as much as 50 percent of the company’s production will take place in new field, not yet opened for production.
Shtokman and Yamal
The Shtokman field in the Barents Sea and the Bovanenkovskoe and Kharasaveyskoe fields in the Yamal Peninsula remain on top of Gazprom’s investment list. Both projects will in 2008 be prime investment objects.
While Shtokman is planned in production from 2013, the Bovanenkovskoe field will be in operation from 2011.
Also fields in the Ob Bay, in the Tazov Bay, Eastern Siberia and in the Far East will be in production by 2020, Gazprom confirms.
Read Gazprom’s information on production and resource figures here
Read more about Russian gas projects in BarentsObserver’s Shtokman section and Yamal section.
