Gazprom to Reach Pre-Crisis Output 2013, Sees Increase in 2014

MOSCOW (Dow Jones Newswires), June 2, 2011

Gazprom expects to reach its "pre-crisis production level" in 2013, for which it needs to put the Yamal field on-line in 2012, said the company's Deputy Chief Executive Alexander Ananenkov.

Speaking at a televised press conference, he said the company is aiming to reach a production level of about 550 billion cubic meters (BCM) of gas, first reached in 2006, in 2013.

He said Gazprom is currently producing gas ahead of the planned level of 505.6 BCM and may reach production of 519 BCM in 2011.

By 2014 there will be a significant production growth and the company may increase production to 570 BCM.

Gazprom said late 2010 it expects gas production to be between 570 billion cubic meters and 580 billion cubic meters by 2015.

Ananenkov said to enable this production growth the company needs to start full production on Yamal gas field.

He said the company is not planning to start any production on Kovykta gas field before 2017.

Ananenkov said Russia's total gas production may reach 1 trillion cubic meters by 2030.

Copyright (c) 2011 Dow Jones & Company, Inc.

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