Gazprom to Reach Pre-Crisis Output 2013, Sees Increase in 2014

- Gazprom to Reach Pre-Crisis Output 2013, Sees Increase in 2014

Thursday, June 02, 2011
Dow Jones Newswires
by Alexander Kolyandr

Gazprom expects to reach its "pre-crisis production level" in 2013, for which it needs to put the Yamal field on-line in 2012, said the company's Deputy Chief Executive Alexander Ananenkov.

Speaking at a televised press conference, he said the company is aiming to reach a production level of about 550 billion cubic meters (BCM) of gas, first reached in 2006, in 2013.

He said Gazprom is currently producing gas ahead of the planned level of 505.6 BCM and may reach production of 519 BCM in 2011.

By 2014 there will be a significant production growth and the company may increase production to 570 BCM.

Gazprom said late 2010 it expects gas production to be between 570 billion cubic meters and 580 billion cubic meters by 2015.

Ananenkov said to enable this production growth the company needs to start full production on Yamal gas field.

He said the company is not planning to start any production on Kovykta gas field before 2017.

Ananenkov said Russia's total gas production may reach 1 trillion cubic meters by 2030.

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Petrobras to Invest $27B in Brazil Exploration through 2014

- Petrobras to Invest $27B in Brazil Exploration through 2014

Thursday, May 26, 2011
Dow Jones Newswires
by Jeff Fick

Petrobras will invest $27 billion on domestic exploration through 2014, the company's area manager for exploration and production said Thursday.

"In the near future, we will drill 573 wells," Petrobras Hugo Repsold said during a presentation at the Latin Oil Week conference. The wells will be primarily focused in provinces in the southeast part of Brazil, Repsold said.

Petrobras could boost crude oil output to 3 million barrels a day by 2014, with natural gas production of about 75 million cubic meters a day as new projects come on line, Repsold said.

The federal oil company is still evaluating its full five-year investment plan that will cover the 2011-2015 period, which is expected to include the first investments in areas that were part of an oil-for-shares swap with the government last year. But the company's board of directors earlier this month asked that the investment plan be reviewed, causing a delay in its release.

Petrobras' previous investment plan, covering the 2010-2014 period, envisioned total investments of $224 billion.

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