Gazprom Delays Giant Field

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Gazprom has again moved the ramp-up dates for the blacklisted giant Yuzhno-Kirinskoye offshore gas field in Russia’s Far East, despite recent management statements that the launch schedule remains unchanged. The 21 Bcm/yr Yuzhno-Kirinskoye is a potential resource base for pipeline gas exports to China and/or the Sakhalin-2 LNG expansion. It was blacklisted by the US in 2015, which is forcing Gazprom to slow the drilling campaign as it doesn’t have key subsea production equipment (NC Jun.17'21). Gazprom expects to launch gas production at Yuzhno-Kirinskoye in 2023-25 and reach plateau in 2029-33, according to the company’s latest data. In a bond prospectus in January, it had the same launch date but expected the full ramp-up in 2029-31. In May it insisted the field would start production in 2023. Of key projected gas fields, Gazprom’s earliest targets are the 27.2 Bcm/yr Kovyktinskoye and 14.2 Bcm/yr Semakovskoye fields where production should start in 2022 (table). Gazprom's Key Projected Gas Fields Field Location Plateau

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