Gazprom reports on output and reserves

Gazprom’s output of natural gas has grown significantly in 2002, according to results posted on August 30. The gas giant’s management announced that its subsidiaries produced 341 bn cm of gas in the January-August period, an increase of 8 bn cm (2.4 %) year-on-year. Production of gas condensate during the period reached 6.8 mm tons.
The company also stated its refineries have processed 22.4 bn cm of gas and 6.3 mm tons of gas condensate and oil in 2002.

Gazprom CEO Aleksei Miller attributed the considerable increase in the company’s output to the launch of the Zapolyarnoye gas field. Output from the new site, combined with efforts to secure and stabilize production at the company’s base deposits, have provided the catalyst for better results, he said.
Furthermore, the firm confirmed it has fulfilled its contractual obligations for gas supplies so far in 2002. It provided 223 bn cm of gas to the domestic market during the first eight months of the year. In international terms, the companyexported 85.2 bn cm to European states during the period, an increase of 3.8 bn cm over the same spell in 2001.

The company was still owed 42 bn roubles ($ 1.33 bn) for gas supplies as of August 1. The debt level, however, has dropped by 1.5 bn roubles ($ 47.39 mm) since January. Miller also stated that his company was confident “of meeting the government target of setting up gas reserves in underground reservoirs of not less than 60 bn cm by September 20.”Gazprom produced 264.8 bn cm of gas in the first half of 2002, posting an increase of 3.5 bn cm from the same period of last year. The company plans to produce 520 bn cm of gas this year, up from 512 bn cm in 2001.