(MENAFN- Trend News Agency)
BAKU, Azerbaijan, July 22. The International
Energy Agency (IEA) forecasts Eurasia's gas production to increase
by 4 percent in 2024 to 864 bcm, Trend reports.
According to the agency's data, the region's gas output
experienced a significant decline of 13 percent (or 130 bcm)
between 2021 and 2023. This sharp decrease was primarily due to a
dramatic drop in Russia's piped gas deliveries to Europe and
declining upstream deliverability in Uzbekistan. However, the IEA's
outlook indicates a recovery in the first half of 2024, with
production increasing by 6 percent (or 25 bcm) year-on-year, driven
by stronger domestic demand and higher exports.
According to the IEA, Russia's natural gas production fell by 15
percent (or 125 bcm) between 2021 and 2023, with 95 percent of this
decline attributed to lower piped gas exports to Europe. Gazprom,
Russia's monopoly pipeline exporter, saw a 30-percent (or 155 bcm)
reduction in output during this period, while Novatek and Rosneft
increased their production levels.
According to the IEA, Russia's natural gas production grew by
over 7 percent year-on-year in the first half of 2024, with nearly
40 percent of this growth driven by stronger pipeline and LNG
exports. Piped gas exports to China via the Power of Siberia
pipeline grew by 35 percent year-on-year, with total deliveries
expected to exceed 30 bcm. Piped supplies to Europe increased by
over 5 percent year-on-year, supported by higher deliveries to the
EU and Türkiye. Additionally, Russia began supplying Uzbekistan
with around 9 mcm/d starting October 1, 2023. LNG output grew by
nearly 10 percent (or 2 bcm) year-on-year, with Asia accounting for
almost half of these exports. Domestic gas deliveries increased by
5.5 percent (or nearly 15 bcm) year-on-year, partly due to a
colder-than-average first quarter and stronger thermal power
generation.
Natural gas production trends varied across Central Asia,
according to the IEA. Preliminary estimates indicate increased
piped gas deliveries to China, primarily driven by higher output in
Turkmenistan. Conversely, Uzbekistan's natural gas production
declined by 5 percent (or 1 bcm) year-on-year in the first five
months of 2024, reflecting deteriorating upstream deliverability
and increasing reliance on imports, including from Russia.
The IEA's data shows that Kazakhstan's sales gas production grew
by 4 percent (or 0.5 bcm) year-on-year during January-May 2024.
Azerbaijan also saw a 4-percent (or 0.6 bcm) year-on-year increase
in sales gas production in the first five months of 2024, supported
by higher deliveries to Europe, which rose by 4 percent (0.4 bcm)
year-on-year during the same period.
The IEA forecasts Eurasia's gas production to increase in 2024,
although it will remain 10 percent below 2021 levels. Russia is
expected to account for the bulk of this growth, with higher gas
production supported by both domestic demand and exports.
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