Saturday, June 16, 2007

Gazprom Raises Natural Gas Production Estimates

Russian energy giant Gazprom said it could produce 670 billion cubic meters of natural gas by 2020, increasing its estimate by 14 percent.

"If the market situation is positive or very positive, we could reach this production level," said Alexander Ananenkov, Gazprom deputy board chairman.

Ananenkov said total natural gas output in 2010 is planned at a maximum of 560 billion cubic meters, but could be increased to 570 billion cubic meters if needed, Novosti reported Thursday.

Gazprom estimates the value of the company's hydrocarbon reserves at $182.5 billion, not including oil subsidiary Gazprom Neft, whose reserves are worth $24 billion.