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Thursday, April 24, 2008

Home Gazprom Compensates for Production

Apr. 24, 2008 - Kommersant - The board of directors of Gazprom examined production sources through 2020 yesterday and instructed the company's management to verify the reality of their plans. This is the first time the company has indicated what resources it will use to compensate for the falling production at its current deposits. The monopoly intends to increase production from 548.6 billion cu. m. of natural gas to 650-670 billion cu. m. The government expects it to produce 6-12 percent over that. Western media and analytical agencies have expressed concern in recent years that Gazprom's falling production will endanger its ability to supply gas to the European Union by 2010. The gas fields that provide 550 billion cu. m. of gas today will produce 335 billion cu. m. by 2010. Gazprom explained that it will use its current deposits and fields being developed in the Nadym-Pur-Tazov region through 2010. The South Russia gas fields and the Kharvutinskaya area of the Yamburg field will be brought up to full production capacity in that time as well. Development will be continued at several currently operating fields. After 2010, Gazprom intends to guarantee production levels through the further development of the Nadym-Pur-Tazov region and the launches of the Bovanenkovo filed on the Yamal Peninsula in 2011 and Shtokman in 2013. It will also develop deposits in the Obskoi and Tazov Bays, in Eastern Siberia and in the Russian Far East. Gazprom's plans will be finalized in the general plan for the development of the natural gas sector through 2030, which requires conciliation with the Ministries of Industry and Energy and of Economic Development and Trade. The conception for the socio-economic development of Russia through 2020 suggests that Gazprom will produce 710-730 billion cu. m. of gas by that date. Gazprom stock rose 0.45 percent on the MICEX yesterday, as they MICEX index fell 0.44 percent, and it rose 0.67 percent on the RTS, while that index fell by 0.33 percent.

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