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Gazprom Forecasts 450 Bcm of Gas Production in 2017 - CEO

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Gazprom will produce 450 billion cubic meters of natural gas in 2017.

Moscow Gazprom Oil refinery facility - Sputnik International
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MOSCOW (Sputnik) Russia's Gazprom energy major will produce 450 billion cubic meters of natural gas this year, Chairman of the Gazprom Management Committee Alexey Miller said at an annual shareholders meeting Friday.

"Taking into account actual production in the first six months of 2017, we forecast the annual output by the end of the year at over 450 billion cubic meters, which is higher than the annual rates in the previous three years," Miller said.

Gazprom renewed natural gas production growth in 2016 at 419.1 bcm, including 9.4 bcm of associated petroleum gas, he added.

Russia's Gazprom energy major has exported 12.4 percent more natural gas to non-CIS countries in the first half of 2017, Chairman of the Gazprom Management Committee Alexey Miller said at an annual shareholders meeting Friday.

"In six months, export volumes increased compared to the same period in 2016 by 12.4 percent, or 10.5 billion cubic meters," Miller said.

He pointed out that Gazprom's exports to the European market have increased by 30.4 bcm in 1.5 years.

"This is comparable to the Turkish Stream's capacity, or more than half the capacity of Nord Stream 2," Miller said.

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