NOVOSIBIRSK, December 26 (RIA Novosti) - Russian energy giant Gazprom [RTS: GAZP] said on Wednesday its total gas production for 2007 declined 1.4% year on year to 548 billion cubic meters.
"Gazprom's gas output this year will reach a level of 548 billion cubic meters. This volume is closely linked to gas consumption. In 2006 Gazprom produced 556 billion cubic meters, which implies that demand for gas was higher last year," the deputy chairman of the Gazprom management committee, Alexander Ananenkov, said.
The Gazprom official said gas consumption in 2007 was lower compared to last year due to the mild weather, adding that the energy giant was capable of producing 630 billion cubic meters per year.
At the same time, Gazprom's reserves will rise by 610 million metric tons of conventional fuel in 2007 or by about the same amount registered last year, Ananenkov said.
