Only few months ago, the ministry believed Russian economy would be fully up running again in 2012, and that Gazprom’s gas production that same year would total 570 billion cubic meters, which is four percent higher than in 2008.
Now, the ministry is down-grading its forecasts, newspaper Vedomosti reports. According to the ministry, Russia’s total gas production will in 2012 be only between 621-645 billion cubic meters which is 3-6 percent less than in 2008. Gazprom, which produces more than 80 percent of the Russian gas will that same year produce five percent less than in 2008, the ministry argues.
Russian gas production is this year expected to decline 12,5 percent. Gazprom’s production might drop even more. Some estimates include a 18 percent decline in output this year from last year’s 549,7 billion cubic meters.
At the same time, exports shrink dramatically and revenues dry up. The tough times has made Gazprom postpone the launch of its Bovanenkovo field with one year. What will happen with Gazprom’s second top priority project, the Shtokman field in the Barents Sea, still remains to be seen.
Until recently, Gazprom said it intended to increase output to 550–560 billion cubic meters by 2010, to 580–590 billion by 2020 and to 610–630 billion m3 by 2030.
