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    Gazprom Ups Output in 1Q17

Summary

Gazprom increased gas production by 12.5% or 16.1bn m3 in 1Q2017, while exports outside the FSU increased even more.

by: Azerbaijan Desk

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Natural Gas & LNG News, Europe, Corporate, Exploration & Production, News By Country, Germany, Russia

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Gazprom Ups Output in 1Q17

Gazprom increased gas production by 12.5% or 16.1bn m3 in 1Q2017 to 144.9bn m3, the Russian gas giant announced.

Output growth is expected to continue in 2017. Gazprom produced 419.07bn m3 in 2016.

According to its report, exports to markets outside the former Soviet Union (FSU) increased by 14.7% to 58.5bn m3 in 1Q2017.

 

Photo credit: Nord Stream

Export growth came mainly from deliveries from Nord Stream-2: gas supply to Germany increased by 18.7%, while that to Austria was up 68.5% and Denmark 30.5%.

Gazprom deputy CEO Alexander Medvedev said that the company’s gas export revenues are expected to increase by 16% to $35bn in 2017.

Russia’s gas export price to non-FSU markets was $206/’000 m3 in March ($5.72/mn Btu), according to statistics from Russia’s federal anti-trust regulator, but that figure increased to $211/’000 m3 in early April ($5.86/mn Btu).

 

Azerbaijan desk

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