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February 21, 2018

Russia expects rise in natural gas production in 2017

Russia gas productionRussia expects rise in natural gas production to 690 billion cubic meters in 2017, which is 7.8% more than last year, revealed the Energy Deputy Minister, Kirill Molodtsov. The increased yield is related to Gazprom’s record exports.

According to the energy ministry of the country at the end of November, almost 599 billion cubic meters have been extracted from the Russian gas fields, which represents a growth of 9.2% compared to the same period in 2016. Over the past year in Russia, 640 billion cubic meters of natural gas.

Russian energy strategy by 2035 predicts an increase in gas output between 3% and 17% per year by 2020, driven by the development of gas markets. Then there will be a significant increase within 29-39% to 821-885 billion cubic meters.

The document was approved in 2015. It states that the increased yield will be covered by new deposits on the Yamal peninsula, eastern Siberia and the Far East as well as on the coast of the country.

The domestic consumption by 2035 will increase by 17-24% and gas exports by 35-52%, according to the forecasts of Russia’s energy experts. These assumptions are based on expectations of a reduction in the gas and oil price differential, as well as the growth in consumption in Asia (8-9 times) and to a certain extent also in Europe.

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About Silvia Hristova

My name is Silvia Hristova. I am 44 year-old woman from Varna, Bulgaria, working as author and analyzes contributor of Economics Gazette Journal. I graduated in University of Economics in Varna and have long experience, as finance and business analyst in local investment funds and banks. Also has long time experience as freelance economy and finance journalist.