Gazprom has gas to last a 100 years

Russian business daily RBK quoted Gazprom’s Head of Geological Department Andrey Tretyakov, who stated that Gazprom’s gas reserves are sufficient for the company to continue producing gas for another 100 years. During his participation at the Adam Smith Institute conference „Oil and Gas in the Russian Arctic“, Tretyakov added that Gazprom will have to deal with the challenges posed by the development of shale gas extraction and the utilization of gas hydrates. President of the Oil and Gas Industry Association, Mr. Gennady Shmal, stated that the liquified natural gas (LNG) will be of major importance to Russia in the future.

Gazprom’s CEO Alexey Miller stated last week that the Russian gas monopolist plans to match its 2011 exports in 2013, as the current market conditions are favorable. Gazprom’s exports decreased in 2012 against the backdrop of reduced consumption in Europe, but the company retained its market share of 55 percent in the total European Union imports. International Energy Agency (IEA) confirms this, stating that Russia will remain the largest supplier of gas to Europe in the medium term. However, IEA experts forecast that Russia will lose its position of the largest gas extraction country to the United States by 2035. According to IEA’s estimates, Russia and the United States will extract approximately 784 billion and 821 billion cubic meters of gas in 2035, respectively. China is expected to increase its gas extraction fivefold in the same period and become the third largest producer of gas in the world.

According to the Petroleum Resources Management System (PRMS) standards, Gazprom’s proven and probable gas reserves are estimated at 28.7 billion tons of fuel equivalent, valued at USD 269.6 billion. In 2012, Gazprom extracted 488 cubic meters of gas. Gazprom has a share capital of approximately USD 3.76 billion, divided into 23,67 billion shares with a nominal value of USD 0.16. The Russian Government controls more than 50 percent of the company.

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