Russian gas giant Gazprom has released its 2016 results, posting a 0.6% increase in its total sales to Rub 6,111bn (US$107bn).
In 2016, Gazprom's gas production remained stable (+0.1% to 420 bcm), while its crude oil production rose by 7.3% to 47 Mt and its gas condensate production increased by 3.9% to 16 Mt. The group also generated 158 TWh, a 6.5% increase over 2015. At the end of the year, the group had 23,855 bcm of proved and probable gas reserves (+0.6%) and 1 Gt of proved and probable gas condensate reserves (+9.2%). Its oil reserves reached 1,378 Mt (+1.7%).
Total revenues from gas sales dipped by 3.6% to Rub 3,303bn (US$57.9bn), despite a 6.8% increase in sales volumes to 476 bcm. Gas sales in Russia contracted by 2.8% to 215 bcm but the 4.8% average increase in gas prices allowed a 1.8% hike in revenues. However, gas export prices contracted in 2016: the 24% surge in gas sales to Europe and other countries was offset by a 22% fall in prices that eroded revenues (-1.2%). Gas sales to CIS countries also fell (-18%), while the average export price dropped by 14%, leading to a 28% fall in revenues. LNG sales grew by 4.1% in 2016, to 3.7 Mt (4.9 bcm), mainly to Japan (45% of total LNG sales)