MOSCOW, June 7 (UPI) -- Russian gas monopoly Gazprom blamed slumping demand for natural gas for dimmed prospects for developing a field in Siberia, executives said Monday.
Viktor Timoshelov, the head of Gazprom's coordination department for the region, said there was little demand in the foreign and domestic market for gas from the Kovykta gas field in the Irkutsk region, Russian news agency ITAR-Tass reports.
Property belonging to license-owner RUSIA Petroleum is set for auction following bankruptcy, the report added.
Developments for the Kovykta gas field included the construction of a 280-mile pipeline to the larger Kovykta-Sayansk-Angarsk-Irkutsk network.
Timoshelov's remarks come in contrast to rising energy consumption in Europe.
European Energy consumption, particularly natural gas, slumped during the recession that gripped world economies in 2008 and 2009.
Alexei Miller, the chief executive at Russian gas giant Gazprom, said in May that volumes of deliveries for natural resources reached 103 percent of their 2008 pre-crisis levels.
The Kovykta gas holds around 67 trillion cubic feet of natural gas, the report said.