An expert explained the increase in gas production in Russia by the rise in supplies to the EU.

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An expert explained the increase in gas production in Russia by the rise in supplies to the EU.
26.09.2024
19
Gasification and the increase in supplies to Europe have driven the growth of natural gas production in Russia, said Sergey Tereshkin, CEO of the oil products and raw materials marketplace OPEN OIL MARKET, in an interview with Izvestia on September 26.

Natural gas production in Russia grew by 12% in August 2024 compared to the same period in 2023, and by 10.7% in the first eight months of this year, reaching 377 billion cubic meters, according to Rosstat data.

"The driver of this growth remains the restoration of supplies to Europe. Gazprom's exports to EU countries (European Union — Ed.) — including transit supplies to Serbia and North Macedonia — increased by 36% in the first eight months of 2024, reaching 97 million cubic meters of gas per day (m³/day), of which 54 million m³/day were delivered through the Balkan branch of the TurkStream pipeline, according to data from the European Network of Transmission System Operators for Gas (ENTSOG)," Tereshkin said.

The expert noted that the increase in exports was one of the reasons for the rise in budget revenues from the gas industry: total collections from the mineral extraction tax and the export duty on gas in the first eight months of the current year grew by 9%, or 98 billion rubles in absolute terms.

"In the medium term, the dynamics of gas production will largely depend on the commissioning of technological lines for the Arctic LNG-2 project, as well as demand in the energy sector and housing sector. By July 2024, 6.3 gigawatts (GW) of gas-fired power plant capacity were under construction in Russia, with another 6.9 GW in the pre-investment stage. In comparison, from 2020 to the first half of 2024, 5.3 GW of gas-fired power plants were commissioned," said the CEO of OPEN OIL MARKET.

He added that in the housing sector, gasification and degasification programs would play an important role, with visible effects already observed this year.

"For example, in the first three months of 2024, Gazprom Mezhregiongaz's supplies to the domestic market increased by more than 150 million cubic meters per day, which exceeds the current volume of gas supplies to the EU," Tereshkin concluded.


Translated using ChatGPT

Sourse: https://iz.ru/1752573/sofia-smirnova/topit-svoe-es-narastil-import-rossiiskogo-gaza



#Russia gas production #Gas export to EU #Energy sector growth #Gazprom exports #Russian economy #Energy exports to Europe #Energy policy Russia #Gazprom supply increase #Arctic LNG projects #Energy demand in Europe #Gas industry analysis
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