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Gazprom may increase gas output by 80-115 billion cubic meters by 2035

Gazprom's board member Oleg Aksyutin said that the company has increased its share on the European market from 34.7% in 2017 to 36.7% in 2018

© Sergei Savostyanov/TASS

MOSCOW, February 26. /TASS/. /TASS/. Russia's gas company Gazprom may increase its output by 80-115 billion cubic meters by 2035 thanks to developing projects in new regions, board member Oleg Aksyutin said on Tuesday.

"Developing gas extraction in new regions will allow to increase output by 80-115 billion cubic meters by 2035, depending on consumption," Aksyutin said.

Gazprom's head Alexey Miller earlier said that the company increased its gas output by 5.4% to 497.6 billion cubic meters in 2018, and gas export - by 3.4% to 201 billion cubic meters.

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"We are currently in talks on possibly increasing gas supplies via the Power of Siberia pipeline, as well as supplies through new projects - the Power of Siberia 2 - and through the Far Eastern route. If new projects are implemented by 2035, the share of Gazprom's supplies may rise to 13% in consumption and to 25% in gas imports, and our company may become the largest supplier on the Chinese market," Aksyutin said.

He reminded that Russian gas deliveries to China will start on December 1, and "a historic event will take a place - a meeting between the two leaders on the global gas market." Aksyutin noted that China is the most dynamically developing gas market in the world.

Russia's gas company Gazprom has increased its share on the European market from 34.7% in 2017 to 36.7% in 2018, Aksyutin said.

"We are occupying leading positions on the European gas market, having ensured 36.7% of consumption last year," he noted.

Director General Elena Burmistrova said that expectations about US liquified natural gas (LNG) have not materialized and its share on the European market has not reached that of Gazprom. She reminded that last year Gazprom's export to Europe reached the record 201.8 billion cubic meters.

"Despite the growing share of LNG, its share still stands at around 13%," Burmistrova said.

Gazprom's average gas price has grown by 24.6% in 2018 and reached $245.5 for 1,000 cubic meters, she added. "In 2018, in accordance with linked fuel prices, the average price of Gazprom gas increased by 24.6% - to $245.5 for 1,000 cubic meters," Burmistrova noted.

Average export price for Gazprom gas may stand at $230-250 for 1,000 cubic meters in 2019, Burmistrova said.

"For example, I want to remind you the price [for 1,000 cubic meters] in 2016 - $167, in 2017 - $197, and in 2018 - already $245.5. We now see a slight decrease in prices butif we look at the latest market data, I forecast prices this year at $230-250," she added.

She earlier said that average export price for Gazprom's gas increased by 24.6% to $245.5 for 1,000 cu m in 2018.

Gazprom's investment into new gas projects in 2022-2035 will reach 1 trillion rubles annually, the company said on Tuesday.

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Gazprom completes sea section of Turkish Stream pipeline

Gazprom said investment into new projects in 2019 will amount to 1.2 trillion rubles.

In 2019, 320 billion rubles will be spent on the construction of the Amur Gas Processing Plant.

Gazprom expects gas output in Russia to grow by 5-20% by 2035 and reach 757-875 billion cubic meters per year, the company said.

In 2018 gas output in Russia stood at 725 billion cubic meters. In 2018 Gazprom increased gas output by 5.4% to 497.6 billion cu m and gas export by 4% to 201.8 billion cu m.

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