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Gazprom looks at long-term offshore work

April 20, 2011 at 9:30 AM   |   Comments

MOSCOW, April 20 (UPI) -- Work on the Russian continental shelf through 2030 will focus on extracting the excessive amount of natural gas there, gas company Gazprom said Wednesday.

Gazprom said it adopted an updated program for resource development of the continental shelf. The board of directors said there are around 100 billion tons of fuel equivalent there and 80 percent of that is present in the form of natural gas.

The company said its program for the continental shelf envisaged a comprehensive approach that made use of the best technology available to tap into offshore reserves.

"In particular, it is projected to carry out comprehensive development of the Shtokman field and its satellites in the Barents Sea as well as to jointly develop the Prirazlomnoye and Dolginskoye oil fields in the Pechora Sea," the company said in a statement.

Those reserves should restock Gazprom's reserves with more than 11 billion tons of fuel equivalent by 2030, the company added.

Gazprom added that a plan to cut natural gas consumption for its process needs by at least 11.4 percent was viewed favorably by the board of directors.

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