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MOSCOW, February 12. /TASS/. Russia’s gas giant Gazprom will meet all its obligations to start supplying gas to China in full and on time, the company reported on Thursday after a meeting to discuss Eastern gas investment projects.
"The works at the Chayanda and the Power of Siberia are in full swing. All Gazprom’s obligations to start supplying gas to China will be fully met on time," the company’s press-service quoted CEO Alexey Miller as saying.
The work to create the gas production centre in the Russian Republic of Yakutia and to construct gas transmission and processing facilities is on schedule, the report said.
Russia’s Gazprom and China’s CNPC inked a historic $400 billion contract to deliver Russian gas to China in May 2014. The contract stipulates the delivery of 38 billion cubic meters of natural gas to China annually for a period of 30 years.
The gas production centre in Yakutia will be based on the Chayanda gas field. It is expected to produce about 5 billion cubic meters of natural gas in 2019 and gradually build up output to 10.4 billion cubic meters in 2020. Gazprom plans to boost gas production at the Chayanda field to 25 billion cubic meters by 2024.
The Power of Siberia is a gas pipeline worth an estimated $21.3 billion, and is intended to pump natural gas to the Russian Far East and further to China. It will stretch over a distance of 3,968 km (2,465 miles). The plan is to pump 61 billion cubic meters of natural gas annually.
The pipeline is designed to pump natural gas from the giant Chayanda oil and gas condensate deposit in Yakutia and the Kovykta gas condensate field in the Irkutsk Region in Eastern Siberia. The Power of Siberia will run along the operational East Siberia - Pacific gas pipeline, crossing marshlands, mountainous and seismically active areas. The gas pipeline’s first stage is scheduled to be commissioned in 2017.
The Chayanda oil and gas condensate field in the Lensky district of Yakutia was discovered in 1989. The field, one of Russia’s largest undeveloped deposits, holds about 1.45 trillion cubic meters of natural gas and 93 million tons of liquid hydrocarbons. The field is expected to produce up to 25 billion cubic meters of natural gas and at least 1.5 million tons of oil annually.
The Kovykta gas condensate deposit discovered in 1987 is located in the north of the Irkutsk Region. Its reserves are estimated at 1.9 trillion cubic meters of natural gas, 2.3 billion cubic meters of helium and 115 million tons of liquid gas condensate.