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Gazprom chairman says gas will follow oil in global energy balance by 2040

Prices for oil and gas are still very volatile, the businessman noted

© Dmitriy Rogulin/ITAR-TASS

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Putin notes Russia's economy has adjusted to current energy prices

VIENNA, January 24. /TASS/. Gas will surpass coal in the global energy balance by 2030 and be second after oil by 2040, Gazprom board chairman Viktor Zubkov said Tuesday.

"The GECF [Gas Exporting Countries Forum - TASS] countries have obtained outlook consensus, which was published on January 17. The base case scenario implies that by 2030 gas will overhaul coal in the energy balance, and by 2040 it will firmly take the second spot after oil," he said.

According to Zubkov, prices for oil and gas are still very volatile. "Moderate and predictable prices can only meet long-term interests," he said, adding that "the decline of gas prices has taken two years, by contrast with oil."

Targets for 2017

Gazprom is going to beat the targets set in its budget for 2017, including the average price of gas exports, Deputy CEO Alexander Medvedev told reporters.

"We used the figures of the Economic Development Ministry when we prepared our investment program. What we eventually get - we will see by the results of the revision. As a rule the figures are bigger. I am confident that this year the forecast budget will be exceeded and all the project will be carried out," he said when asked about the average export price of oil for this year.

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Gazprom expects competition from US on gas market in future

Earlier Gazprom said that the company expects positive trends with regard to the average price of gas exports to Europe in 2017. The company’s optimism was explained by the situation with oil prices.

Gazprom’s 2016 budget envisaged average gas price at $199 per 1,000 cubic meters. The crisis scenario provided for the price of $151 per 1,000 cubic meters.

In May 2016m, Alexander Medvedev said that the company was guided by the price in the range between $167-171 per 1,000 cubic meters.

In 2015, the average price was $234 per 1,000 cubic meters.

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Oil & Gas Gazprom

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