Gazprom expects 1% increase in natural gas production in 2018 | Finance and Markets

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Gazprom expects 1% increase in natural gas production in 2018, according to an interview with company’s Deputy Director Vitaly Markelov.
“Last year, the company produced 471 billion cubic meters of natural gas and 15.9 million tons of gas condensate”, said Vitaly Markelov. “In 2018, the plans are for gas in a volume of 475.8 billion cubic meters of natural gas. There will be a minimum reduction in the production of gas condensate – up to 15.2 million tons”, added he.
Last year, the company has opened two new gas fields – in the Ohotsk Sea and the Krasnoyar region, and also other gas fields are being developed. Thus, Gazprom’s Gas Stock estimate already exceeds 4 trillion cubic meters.
In 2017, Gazprom increased its yield by 12.4% to 471 billion cubic meters and gas exports to Europe increased by 8.4% to 194.4 billion cubic meters. The forecast is that demand for raw material during the summer months of 2018 will be high due to the depleted reserves in gas storage in Europe.
In a separate interview with the magazine, Thilo Wieland, management board member at Germany’s Wintershall, said that the company would continue to finance the Nord Stream 2 gas pipeline project. Five European energy firms are financing Nord Stream 2: German energy groups Uniper and Wintershall, Anglo-Dutch group Shell, Austria’s OMV and France’s Engie.
The European Union has been skeptical about the project, which is aimed at doubling the existing pipeline annual capacity to 110 billion cubit meters, fearing this will increase Europe’s reliance on Russian energy imports.