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30 Jan, 13:05

Russia to increase gas output by 7.6% to 685 bln cubic meters in 2024

Pipeline gas exports increased by 15.6% to over 119 bln cubic meters, LNG - by 4% to 47.2 bln cubic meters

MOSCOW, January 30. /TASS/. Russia will increase gas production by 7.6% in 2024 to 685 bln cubic meters due to increased exports and demand on the domestic market, as well as the development of the petrochemical industry. At the same time, Russian pipeline gas exports grew by 15.6%, while LNG exports increased by 4%, Russian Deputy Prime Minister Alexander Novak wrote in his column for the Energy Policy magazine.

"The gas industry is experiencing a recovery in production after a decline in previous years, which is due to growing demand on the domestic market, the development of the petrochemical industry, and growing export gas supplies. At the end of 2024, gas production reached around 685 bln cubic meters (+7.6% compared to 2023)," Novak noted.

Pipeline gas exports increased by 15.6% to over 119 bln cubic meters, LNG - by 4% to 47.2 bln cubic meters.

Novak noted that gas production has also started at the Severo-Chaselskoye field with an annual production of over 3 bln cubic meters of natural gas and 0.1 mln tons of gas condensate. Industrial production of hydrocarbons has started at the Achimov deposits of the Urengoy field in Russia’s Yamalo-Nenets Autonomous District. The new production complex will ensure the annual supply of up to 5 bln cubic meters of gas and 1.5 mln tons of condensate.

Earlier, the International Energy Agency (IEA) estimated that gas production in Russia in 2024 will increase by 7% to 682 bln cubic meters. The IEA also increased its estimate of Russia's gas production in 2025 to 693 bln cubic meters (+1.6% by 2024) from the previously expected 687 bln cubic meters.