Gazprom’s production increase to cover lion’s share of gas consumption growth at traditional markets in 2021
The Gazprom Board of Directors took note of the information about the impact of the events of 2021 on the long-term outlook for the global energy market.
This year's most significant trends are economic recovery and growth in energy consumption. According to preliminary estimates, global gas consumption is going to rise by 150 billion cubic meters to 4.2 trillion cubic meters in 2021. The largest upturn in gas demand is observed at Gazprom's key markets: Russia, China, and European countries.
Amid strong demand, Gazprom has substantially expanded its gas production: over the past 10.5 months of 2021, it went up by 58.8 billion cubic meters (or 15.2 per cent) against the same period of last year. Thanks to increasing gas production, the Company will cover more than a third of global gas consumption growth in 2021. Thus, Gazprom is not only ensuring the reliable operation of Russia's fuel and energy complex, but also making a considerable contribution to the development of the global energy market.
Despite changes in the price environment – climbing gas prices in Asia and Europe – and new initiatives for the decarbonization of the economy, leading research organizations continue to forecast significant increases in global gas consumption in the short and long term.
Gazprom is systematically working to develop its production and gas transmission capacities, as well as implementing new projects for natural gas processing and LNG production. In 2021, the construction of the Nord Stream 2 gas pipeline was fully completed, and the Amur Gas Processing Plant and the helium hub in Vladivostok were launched. In addition, the construction of a unique cluster for gas processing, gas chemistry and natural gas liquefaction commenced in the Leningrad Region.