Gazprom Announces Gas Production and Supplies Results for Four Months

Source: 5/1/2022, Location: Asia

According to preliminary data, Gazprom produced 175.4 billion cubic meters of gas in January-April 2022. This is a decrease of 2.5 per cent (or 4.5 billion cubic meters) versus the same period of 2021.

The Company's domestic supplies from the gas transmission system dropped by 3.7 per cent (or by 4.4 billion cubic meters) over said period of 2022 due to, in particular, warm weather observed in February.

Gas exports to the countries beyond the FSU amounted to 50.1 billion cubic meters, which is 26.9 per cent (or 18.4 billion cubic meters) lower than the figure for the same period of 2021. Gazprom continues to deliver gas under confirmed requests from consumers in full compliance with contractual obligations.

Gas exports to China via the Power of Siberia pipeline keep growing within the framework of the long-term bilateral contract between Gazprom and CNPC. The amount of gas supplied in the first four months of 2022 exceeds the amount supplied in the same period of last year by almost 60 per cent.

According to Gas Infrastructure Europe, gas reserves contained in Europe's underground gas storage facilities were replenished by 6.9 billion cubic meters as of April 29. In order to get the UGS facilities 90 per cent full, which is the target amount announced by the European Union, companies will have to inject another 56 billion cubic meters of gas into the facilities.

Replenishment of gas reserves in Europe's facilities is a major challenge in view of, inter alia, the daily limits placed on injection rates due to the technological capabilities of UGS facilities. Moreover, the overall amount of gas available in the European market is highly dependent on demand in the growing Asian market.

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