Gazprom needs growth in gas reserves

In order to ensure Gazprom's planned growth in gas production to 590bn cubic meters by 2020 and to 630bn cubic meters by 2030, the company's annual increase in gas reserves should be no less than 700bn cubic meters till 2015 and about 750bn to 800bn cubic meters from 2016 to 2030. According to the company's press service, Gazprom's Deputy CEO Alexander Ananenkov made a corresponding statement at today's meeting of the commission on gas fields' exploration held in Sochi. The company is planning to produce 530bn cubic meters of gas in 2004.

Gazprom discovered 33 fields and 28 hydrocarbon accumulations with the total growth in reserves amounting to about 2.2 trillion cubic meters from 1993 to 2003. The company invested 30.7bn rubles (about $1.07bn according to the current exchange rate) in geological exploration during this period.

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