Gazprom: Yuzhno-Kirinskoye field reserves on the rise

On the threshold of Gazprom’s annual General Shareholders Meeting the Company’s headquarters hosted today the Press Conference “Mineral and Raw Material Base Development, Gas Production, Gas Transmission System Development”.

Vitaly Markelov, Deputy Chairman of the Management Committee, Gazprom

Taking part in the Press Conference were Vitaly Markelov, Deputy Chairman of the Management Committee, Gazprom; Members of the Gazprom Management Committee: Oleg Aksyutin, Head of the Gas Transportation, Underground Storage and Utilization Department and Dmitry Lyugai, Head of the Prospective Development Department; Sergey Prozorov, First Deputy Head of the Investment and Construction Department, Gazprom; Sergey Akhmedsafin, Deputy Head of the Gas, Gas Condensate and Oil Production, Gazprom.

It was highlighted that consistent and comprehensive development of the resource base as well as production and transportation capacities ensured Gazprom’s leading position in the global gas market and uninterrupted supply of required gas volumes to customers.

Gazprom holds the world’s largest natural gas reserves – 35.7 trillion cubic meters. In 2013 the gas reserves replenishment level totaled 646.9 billion cubic meters as a result of geological exploration carried out by the Company in Russia. The gas replenishment to extraction ratio amounted to 133 per cent. Thus, for the ninth consecutive year the rates of Gazprom’s reserves growth exceeded natural gas extraction rates.

Gazprom pays special attention to developing its offshore resource base. In particular, C1+C2 reserves of the Yuzhno-Kirinskoye field were significantly increased by 13 per cent, from 564 to 636.6 billion cubic meters through geological exploration. The recoverable reserves of gas condensate grew from 71.6 to 97.3 million tons, and the recoverable reserves of oil in the amount of 6 million tons were discovered.

Gazprom focuses on offshore resource base development
Drilling of exploratory well at Yuzhno-Kirinskoye field

It was emphasized that the Company had a unique experience in offshore developments. Thus, Gazprom was the first to start hydrocarbons production in the Russian Arctic shelf, in severe climatic conditions of the Prirazlomnoye field in the Pechora Sea, closely following all the environmental regulations. At the Kirinskoye field in the Sea of Okhotsk the Company pioneered in applying a fully sub-merged production technology in Russia.

Last year, Gazprom produced 487.4 billion cubic meters of natural gas, thus showing a 400 million cubic meters rise compared to 2012.

Gazprom runs unique gas transmission projects. In 2013 the second string of the Bovanenkovo, Ukhta gas trunkline system was under construction. The gas trunkline system will consist of domestically manufactured 1,420 millimeter pipes designed for the operating pressure of 11.8 MPa, the world’s record for onshore gas pipelines. In addition, Southern Corridor was intensely constructed in order to secure gas delivery into the South Stream gas pipeline as well as to supply additional gas volumes to Russia’s central and southern regions.

In 2013 Gazprom made great efforts for expanding Russian UGS facilities. January 31, 2014 saw a new deliverability record – 725.2 million cubic meters, over the entire history of UGS facilities operation in Russia. It nearly corresponds to the maximum possible daily sendout in the beginning of the withdrawal season (727.8 million cubic meters).

The Press Conference also addressed other issues of the Company’s operating activities.

Press Release, May 14, 2014

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