Gazprom Announces Gas Production and Supplies Results for 11 Months

Source: www.gulfoilandgas.com 12/1/2022, Location: Asia

According to preliminary data, Gazprom produced 376.9 billion cubic meters of gas from January through November 2022. This is a decrease of 19.4 per cent (or 90.8 billion cubic meters) versus the same period of last year.

The domestic demand for the Company's supplies from the gas transmission system went down by 5.7 per cent (or 12.8 billion cubic meters) over said period. At the same time, on November 28, gas supplies to Russian consumers via Gazprom's gas transmission system hit a date's record, with an all-time daily high for the month recorded on November 29 at 1,486.7 million cubic meters.

Gas exports to the countries beyond the FSU amounted to 95.2 billion cubic meters, which is 44.5 per cent (or 76.3 billion cubic meters) lower than the figure for the same period of 2021. Gazprom delivers gas in compliance with confirmed requests.

Gas exports to China via the Power of Siberia pipeline keep growing within the framework of the long-term bilateral contract between Gazprom and CNPC. The supplies are regularly in excess of the daily contractual volumes.

Reduction in gas consumption in the European Union became a key factor driving the decline in global gas demand. According to the first preliminary estimates and the available current data, global gas demand dropped by 55 billion cubic meters in the eleven months of 2022. It should be highlighted that gas consumption in the 27 countries of the European Union fell by about 50 billion cubic meters, whereas in the United Kingdom it dropped by over 6 billion cubic meters.

According to Gas Infrastructure Europe, the withdrawal season at Europe's underground gas storage facilities began on November 14. As much as 3.3 per cent (or 2.3 billion cubic meters) of the gas injected into Europe's UGS facilities in preparation for the heating season was withdrawn as of November 29. What is more, the load on Europe's UGS facilities in the current autumn/winter period is going to be greater than in previous years due to the changes that have occurred in the logistics and the sources of gas supply on the European market.

The gas withdrawal from Ukraine's UGS facilities also continues. Gas inventories in said storages were lagging behind last year's level by 14 per cent (or by 2.3 billion cubic meters) as of November 29. As much as 12.9 per cent (or 0.7 billion cubic meters) of the gas injected during the summer period is already withdrawn from the facilities.


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