Gazprom's Gas Output to Rebound to 416 Bcm in 2024 Amid Record Domestic Supply
(Reuters) — Alexei Miller, the head of Russia's Gazprom, said on Thursday the group's natural gas production is set to rise this year by 61 billion cubic meters (Bcm) to around 416 Bcm.
The increase is from an all-time low production in loss-making 2023, when output plummeted by 13% amid a fall in gas exports to Europe, once Gazprom's primary source of revenue, as relations with the West worsened over the conflict in Ukraine.
Gas exports to China are set to rise to 31 Bcm this year, Miller said, up from the planned 30 Bcm.
The company has been in talks with China over a significant increase in gas sales, including via the Power of Siberia 2 pipeline. However, negotiations have not borne fruit due to a number of issues, mainly prices.
Gazprom has instead turned to the low-cost domestic market, as well as neighboring ex-Soviet countries, such as Kazakhstan, Uzbekistan and Kyrgyzstan.
The company said on Thursday that gas supplies to domestic consumers have reached a record high of 390 Bcm in 2024.
Related News
Related News
- Trump Puts Keystone XL Pipeline Back in Discussion, Though Revival Faces Developer Resistance
- Energy Transfer Wins New York Court Ruling in $150 Million Pipeline Fraud Case
- $3 Billion Natural Gas Pipeline Expansion to Add 1.3 Bcf Capacity in Southeast Region
- ONEOK, MPLX to Build $1.4 Billion LPG Export Terminal, Pipeline in Texas
- FERC Reinstates Certificate for Williams' Transco Pipeline's Expansion Project
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- India’s GAIL Eyes U.S. LNG Deals Following Trump’s Policy Shift
- TC Energy Beats Q4 Profit Estimates, Driven by Mexico Pipelines' Success
- Saudi Arabia May Cut December Oil Prices for Asia, Sources Say
Comments