Gazprom Reports Record Reserve Amounts in 2011

Russian gas supplier Gazprom has announced record gas reserve amounts for the year ending 2011, with 686.4 billion cubic metres (bcm) of gas stored, exceeding supply demand by 33.8 per cent.

Half of that reserve amount came from the company's Eastern Russian exploration activities where Gazprom is "shaping new gas production centres", the company said in a statement.

The year also saw Gazprom increasing its production volumes, with a 4.6 bcm increase on 2010, bring the total production volume for 2011 to 513.2 bcm from 508.6 bcm in 2010.

Gas supply to the former Soviet Union (FSU) increased by 3.08 billion bcm, with a total of 71.1 bcm supplied to the FSU. Total gas supply grew by 11.4 bcm, an 8.2 per cent increase on the year before. 

Gazprom also reached a new record for profits for 2011, from a net profit growth of almost $40 billion (USD), a 25 per cent increase on 2010. The profit includes a sales increase of $32 billion, up to $150 billion from $118 billion in 2010.