It was decided to postpone the large projects of the Russian gas monopoly on the Arctic shelf, where 20% of Russian oil reserves and more than 70% of gas are located.
The damage record, Western technology sanctions and China’s rejection of a new contract for Russian gas are derailing Russian Gazprom’s plans to develop Arctic fields. Russian media wrote about it.
It was decided to postpone the large projects of the Russian gas monopoly on the Arctic shelf, where 20% of Russian oil reserves and more than 70% of gas are located.
In the Kara Sea, where Gazprom owns 11 licenses, the company postponed drilling wells in the Leningradsky subsoil area from 2029-2031 to 2033-2035 and postponed work in the Obruchevsky area for four years: initially they were planned for 2029-2032, and now – for 2033-2036
Drilling at the Nevsky site was postponed until 2036, while the Morskoy site was decided to be completely excluded from the plan.
In the Barents Sea, where Gazprom has seven licensed areas, work has also been postponed for four years – until 2035-2036. We are talking about the Medvezhy and Fersmanovsky areas, where it is planned to drill three wells.
Gazprom decided to postpone the project after a sharp deterioration in its financial situation and unsuccessful negotiations with China on the construction of a new pipeline, Power of Siberia-2.
As reported, last year Gazprom suffered a 629 billion ruble net loss under IFRS, reporting a 27% drop in revenue and a doubling in EBITDA. The company’s gas business, which operates the largest reserves on the planet, has become unprofitable (by 1.2 trillion rubles per year), and Gazprom’s debt has reached a record of 6.65 trillion rubles, exceeding the size of liquid part of the National Welfare Fund ( 5 trillion rubles).
By turning off gas to most European countries in an unsuccessful attempt to achieve concessions in Ukraine, the Kremlin deprived Gazprom of its main sales market, where it was building ties with almost half a century. By the end of the year, Gazprom exported only 69 billion cubic meters of gas – the lowest volume since 1985. Compared to 2022, the volume of pumping abroad decreased by another third, and when compared to pre-war levels, by three times. European supplies fell to 28 billion cubic meters, the level of the second half of the 1970s. But Gazprom’s production reached only 404 billion cubic meters and was the lowest in all 34 years of the company’s existence.
Let’s remember that gas supplies to China compensated the Russian Federation for only 11% of the lost European market. The decrease in European supplies reached 115 billion cubic meters. m, of which China replaced only 13 billion.
Meanwhile, Ukrainian Naftogaz announced a billion dollar profit for the year.
We previously reported that Russian Gazprom, which suffered a loss for the first time in 25 years, which became the largest in the history of the company, began to sell its property.
Source: korrespondent
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