October 14, 2008

Russian gas output grows 1.8% in January to March 2008

RIA Novosti reported that Russia's gas production grew 1.8% YoY in January to March 2008 to 178.06 billion cubic meters.

Russia Industry and Energy Ministry said energy giant Gazprom which produced 151.07 billion cubic meters of gas in the reporting period, or 1.7% more on last year's figure accounted for 84.8% of Russia's total gas output. The ministry said gas exports grew 24.2%YoY in January to March 2008 to 60.63 billion cubic meters.

In the ministry's estimate, gas production in Russia is expected to grow 3% YoY in 2008 to 673 billion cubic meter with exports projected at 204 billion cubic meters. At the same time, oil and gas condensate output in Russia declined 0.1% YoY in January to March 2008 to 121.12 million tonnes.

In the ministry's estimate, crude production in Russia is expected to grow 1.8% YoY in 2008 to 500 million tonnes.