Gazprom increases first-half gas production by 16%

Gazprom, the Russian gas company, announced on Monday that its output of natural gas increased by 16% in the first half of 2024 compared to the same period last year. This continued the recovery after the previous year's record-lows.

Gazprom's oil arm Gazprom Neptune is included in the production figures.

Gazprom has said that it has benefitted from increasing its share of Sakhalin Energy (which operates the Sakhalin-2 LNG development) to 77.5%, from just over 50%, after Shell left the project in 2020 after the beginning of the conflict in Ukraine.

Gazprom reported that natural gas exports to China increased by 43% during the period. Previously, the company had indicated that it would reach its annual target of gas supplies via the Power of Siberia Pipeline in December.

Gazprom’s natural gas production fell by nearly a third in 2018, from 515 billion cubic meters in 2021, to the lowest level since 1989 when the company was founded in the dying days the Soviet Union. (Reporting and Writing by Maxim Rodionov, Vladimir Soldatkin, Guy Faulconbridge, and David Goodman.)

(source: Reuters)