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Russia unveils gas production forecasts for the 2024-2027 period

The Russian Ministry of Economic Development has confirmed the official forecasts for gas production in Russia for the 2024-2027 period. Gas production in the country should reach 666.7 bcm in 2024, 695.4 bcm in 2025, 707.5 bcm in 2026 and 727.3 bcm in 2027. The ministry has also unveiled a conservative forecast alongside the baseline one, with production reaching 654 bcm in 2024 and potentially standing at 659 bcm for 2025, 666 bcm in 2026 and 671 bcm for 2027.

Gas exports are expected to increase in 2024 (+7% to 108 bcm for pipeline exports and +14% to 38 Mt for LNG exports); they should continue to increase, with pipeline exports reaching 120 bcm in 2025, 126 bcm in 2026 and dipping to 122 bcm in 2027; LNG exports should rise to 40 Mt in 2025, 44 Mt in 2026 and over 56 Mt in 2027.

Russian natural gas production stood at 700 bcm in 2022, a 12% decrease compared to 2021 (794 bcm). In early January 2024, the Russian Government released its preliminary figures on energy production in Russia in 2023, in which gas production supposedly decreased by 5.5% despite the commissioning of new gas fields and an increase in gas production at offshore fields by nearly 11%.