Gazprom may delay key field due to low gas demand

MOSCOW (Reuters) – Gazprom (GAZP.MM), the world’s biggest gas producer, may delay the launch of a major field because it expects gas demand in Russia and Europe to be depressed through 2012, an executive said on Tuesday.

Deputy Chief Executive Alexander Ananenkov told a news conference Gazprom may postpone the giant Bovanenkovo field by one year to the third quarter of 2012.

“We see that there will be no demand for that gas. So why invest money in what is not in demand?” said Ananenkov.

Bovanenkovo is due to become the first deposit to go on stream on the Arctic Yamal peninsula and if postponed would become Gazprom’s first major project to be hit by the crisis.

Ananenkov said Gazprom expects to produce 507 billion cubic metres in 2010, 510 bcm in 2011 and 523 bcm in 2012 — sharply down from 550 bcm in 2008.

Reuters