Gazprom puts cost of offshore projects at USD 500 bln…

Gazprom puts cost of offshore projects at USD 500 bln…


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Gazprom estimates the cost of priority work to develop offshore fields until 2030 at USD 500 million, Boris Nikitin, first deputy director of the company’s gas, condensate and oil production department, said at an energy forum in St. Petersburg. “The cost of work on priority offshore projects will amount to about USD 500 billion,” he said. He said that most explored hydrocarbon reserves are currently concentrated in the Barents, Kara and Pechora seas. Nikitin said the implementation of the Gazprom programme to develop the Arctic shelf until 2030 will allow the company to annually produce about 200 billion cubic metres of gas offshore for 15-20 years. Nikitin said that in 2005 Gazprom produced 548 billion cubic metres of gas and ensured growth in reserves of about 600 billion cubic metres.

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