Gazprom: Results for eight months: Gazprom confidently surpassing last year’s results

According to preliminary data, Gazprom produced 337.2 billion cubic meters of gas in January–August 2021, which is 17.9 per cent (or 51.2 billion cubic meters) more than in the same period of 2020.

Gazprom ramped up its domestic supplies from the gas transmission system by 10.9 per cent (or by 15.6 billion cubic meters) over said period of 2021.

The Company increased its gas exports to the countries beyond the FSU to 131.3 billion cubic meters. Thus, Gazprom is maintaining the amounts of its gas supplies near the all-time high level (133.3 billion cubic meters for the same period of 2018). This is higher than the figure for the same period of 2020 by 19.4 per cent (or by 21.3 billion cubic meters).

Specifically, in the period from January through August 2021, Gazprom increased gas supplies to Turkey (+173.6 per cent), Germany (+39.3 per cent), Italy (+15 per cent), Romania (+344 per cent), Serbia (+123.9 per cent), Poland (+12 per cent), Bulgaria (+50.9 per cent), Greece (+15.8 per cent), and Finland (+22.7 per cent).

Gas supplies to China via the Power of Siberia pipeline continue growing as well. For instance, on August 26, daily supplies topped the absolute record for the fourth time this year, exceeding the daily contractual obligations by more than 5 per cent.

According to Gas Infrastructure Europe, the level of reserves in European underground gas storage facilities remained the lowest in many years as of August 30, 2021. Last year, the withdrawal season at Europe’s UGS facilities started on October 12. If the current rates of injection persist, it can be expected that there will be about 78 billion cubic meters of gas in these UGS facilities by October 12. This means that 25 per cent (or 17 billion cubic meters) out of the 66.2 billion cubic meters of gas that had been withdrawn in the last season will remain unreplenished.

At the current rates of injection, Ukraine’s UGS facilities are expected to contain 30 per cent (or 8 billion cubic meters) less gas by October 12 versus last year.