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Russia has enough gas for a century – Gazprom

The energy major has said it adds more to its reserves every year than it produces

Russia’s natural gas reserves will last for the next 100 years, energy major Gazprom announced on Thursday.

As of the end of 2022, Gazprom had 35 trillion cubic meters of proved natural gas reserves, Viktor Zubkov, chairman of the company’s board of directors, told an industry forum in Moscow.

Russia is the world’s second-biggest producer of natural gas, behind the US, and has the world’s largest reserves. The US had 12.6 trillion cubic meters of proved natural gas reserves as of 2020, while Gazprom’s share of global gas stocks stands at 15%.

Last month, Gazprom reported that for 18 consecutive years it has discovered more natural gas annually than it has extracted. In 2022, reserves grew by nearly 530 billion cubic meters, while the overall production figure stood at 412 billion cubic meters.

READ MORE: EU state makes new energy deal with Russia

Gazprom was forced to cut gas production last year by nearly 20% due to international sanctions against Russia and the resulting shift in supplies. Deliveries of pipeline gas to the EU, once Gazprom’s largest customer, were drastically reduced with long-distance exports falling by about 45%, according to company data. Russia has since redirected supplies to other customers, primarily China.

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April 20, 2023 at 05:34PM

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