Gazprom plans to ramp up output

MOSCOW, May 16 (UPI) -- Russian gas monopoly Gazprom, the world's No. 1 gas firm, said it plans to increase production to a range of 610 billion to 630 billion cubic meters by 2030.

The Itar-Tass news agency reported Tuesday that Gazprom plans to increase production to 550 billion to 560 billion cubic meters by 2010, to 580 billion to 590 billion cubic meters by 2020 and 610 billion to 630 billion cubic meters by 2030 in order to meet both domestic and international demand.

The Prime Tass news agency reported that until 2010, the company will use existing deposits and put into operation new ones. After that time, however, deposits in the Yamal Peninsula and on the Arctic continental shelf will be brought into development.

Gazprom also said it will increase annual oil production to 80 million tons by 2020.