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Ministry of Energy lowered forecast on LNG production in Russia

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Ministry of Energy lowered forecast on LNG production in Russia
December 26
13:00 2019

The Russian Ministry of Energy has lowered its forecast on LNG production. This information was taken from the Energy Strategy until 2035, which was introduced in December. It should be noted that the Strategy was developed by the above mentioned Department.

The project, which was presented in October, forecasted the production of liquefied natural gas at 60 million tons by 2025. By 2035, this volume should reach 100 million tons. In the new forecast, the numbers have changed. Now, by 2024, it is planned to produce 45-65 million tons of gas, and by 2035 – 70-80 million tons.

Such a forecast diverges from the speech of Alexander Novak, Minister of Energy of the Russian Federation. The head of Novatek Leonid Mikhelson supported him in his forecast. In autumn, they claimed that Russia would be able to produce up to 140 million tons of LNG by 2035.

The document notes that it is necessary to improve and modernize the infrastructure for the production and delivery of LNG. To do this, there will be a need to create several hubs in the Arctic zone. Their task will be to store and trade gas. The document also says about similar centers in Kamchatka and Murmansk.

New projects in the Arctic are now being designed. This involves Arctic LNG 2 and Arctic LNG 3. They will be created on gravity platforms.

The document demonstrates that the Russian Federation will not increase the share of gas supplies. It will remain at 35% until 2024; by 2035 it will increase to 40%.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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