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Monday, March 02, 2009

Gazprom downturn might affect Arctic investment

03-02-2009 - BarentsObserver - Russian energy major Gazprom will have to cut investments following the current sharp decline in revenues. That might have serious consequences for the development of project in Yamal, experts say. Mikhail Korchemkin from the East European Gas Analysis company says to newspaper Vedomosti that Gazprom might have to rearrange infrastructure plans for the Bovanenkovo project in Yamal. The analyst believes the company might end up connecting field pipelines with the existing infrastructure of the Yamburg field, instead of building a new pipeline westwards to Ukhta. As BarentsObserver reported last week, Gazprom might have to cut investments with up to 200 billion RUB following the economic downturn, lower revenues and restricted credit possibilities. The company is likely to get major revenue cuts in sales both to the domestic market, as well as to the Ukraine, Belarus and the EU. The Bovanenkovo field alone has reserves of about 4,9 trillion cubic meters, and is Gazprom’s top investment project for the next years. The field is planned linked up with a pipeline stretching across the Baydarata Bay and to Ukhta in the Komi Republic.
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