UPDATE: Gazprom sees 2016 output at no lower than 418 bcm produced in 2015

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ST, PETERSBURG, Jun 16 (PRIME) -- Russian gas giant Gazprom expects its production in 2016 to not fall below the 2015 level of 418 billion cubic meters, but it will not reach the planned amount of 452 billion cubic meters, Vsevolod Cherepanov, head of a Gazprom’s department, told reporters Thursday.

“We keep the forecast of 452 billion cubic meters for the year, but it will be adjusted downwards. Internal consumption is stagnating. We expect that the trend will persist and production will be no lower than in 2015,” he said.

Gazprom will launch production at the Vaneivissky and Layavozhsky deposits in the Nenets Autonomous District no earlier than in 2025, and the combined projected production capacity of the deposits may not exceed 10 billion cubic meters of gas.

“It may reach up to 10 billion cubic meters of gas. Production is not likely to start before 2025,” he said adding that additional geological exploration of the deposits will take at least five years.

Gazprom also hopes to increase reserves of the Yuzhno-Kirinskoye field by no less than 70 billion tonnes of fuel equivalent in 2016, he added.

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