What does this mean? Ever more gas from Russia should mean “Great, there is plenty to go around – Russia won’t experience gas shortages – ever”. But what it really means is that the new production from the Yamal peninsula meets the old production of the legacy fields a little further south. What we also should know that the reason why Gazprom has developed the Yamal fields in the first place was that they know that the old fields will expire and whoever knows a thing about gas upstream also knows that depletion is rather fast in gas. 18 months and game over. This means the questions are: – when will the legacy fields expire? – how much gas will be missing once they do? – is there enough to hold production at the old “before gas bubble” levels? All things that will play out over the next couple of years. But I don’t see anyone asking those questions. Maybe the responses are hard to swallow.
Russian giant Gazprom said its natural gas production during the first seven months of the year has reached 294.5 billion cubic meters.