Gazprom's gas output to rise to around 416 Bm3 in 2024
- 2024 gas output up by 61 Bm3 from record low in 2023
- Gas exports to China up to 31 Bm3 in 2024, more than planned
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 Bm3 to around 416 Bm3.
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 Bm3 this year, Miller said, up from the planned 30 Bm3.
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 Bm3 in 2024.
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