Russian gas giant OAO Gazprom (GAZP.RS) said Wednesday it sees improving trends in demand for its gas, and plans to return to pre-crisis output level by 2013.
Russian gas giant OAO Gazprom (GAZP.RS) said Wednesday it sees improving
trends in demand for its gas, and plans to return to pre-crisis output level by
2013.
Gazprom--the world's biggest producer of natural gas--saw its production
plummet last year, as demand fell at home and in
Europe
during an economic slowdown.
Russia supplies around a quarter of Europe's gas needs, but lost market share
last year as consumers switched to alternative sources such Norwegian and
Algerian gas as well as liquefied natural gas.
In 2009, Gazprom produced 461.4 billion cubic meters of natural gas, 16% less
than the year before.
The company plans output to reach 565.5 billion cubic meters by 2013, its Chief
Executive Alexei Miller told state television Wednesday. That would exceed the
company's production in 2008 and be the highest level in 13 years.
"This is a result of the positive trend in demand for gas, which we now
see on the Russian market and export markets--in particular in
Europe
,"
Miller said.
Last week, the company raised its 2010 production target slightly, to 529
billion from 521 billion cubic meters.
Some industry observers are skeptical of Gazprom's optimism, however, and say
the company may face further difficulties with both prices and market share
under increasing pressure.
Energy consultancy Wood Mackenzie predicts oversupply in
Europe
in
the next five years.
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