The growth of gas production in Russia until 2022 will be approximately 1.5% per year
According to the calculations of the International Energy Agency (IEA), the growth of gas production in Russia until 2022 will be approximately 1.5% per year. According to the IEA, from 640 billion cubic meters in 2016 it could increase to 700 billion cubic meters over the next five years. According to the IEA, this will be promote with the launch of the Russian-Chinese gas pipeline "Power of Siberia" and of projects for liquefying gas (LNG) in Yamal.
Analysts suppose the one of the main points of production growth is the expected increase in the export of the Russian liquefied gas. And by 2022, the gas will be needed to start pipeline supplies to China.
After four years of decrease, the demand for gas in Europe in 2016 started growing due to the low prices and the closure of coal stations, noted the IEA. Besides, the increase in the Russian export and gas production retards the activity of the Russian competitors in the European market.
The gas export from Russia against the decrease in domestic consumption will be the main driver of production growth. According to the IEA calculations, Russian gas exports will maintain the growth rates of the last five years. According to the Ministry of Energy, since 2012 it has grown by 10.8% - from 186.2 billion cubic meters to 208.6 billion cubic meters last year.