Gazprom to invest $500m a year to maintain volume of gas production

Gazprom intends to invest $500m a year in maintaining the annual volume of gas production at about 700bn cubic meters until 2020, a Gazprom official declared at the Second Moscow Oil Forum. According to the Gazprom representative, these funds will first of all be invested in the development of a number of deposits on the Yamal Peninsula, as well as on the shelves of the Barents and Kara Seas. The official pointed out that about 25% of the global sea shelf, containing 100bn tons of equivalent fuel, belonged to Russia now, including 76bn cubic meters of free gas.

According to the official, almost all deposits belonging to Gazprom are at the stage of declining production. For example, the newest deposit (Yamburgskoye) has an exhaustion rate of 52%.

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