Deputy Prime Minister Alexander Novak unveiled Russia’s plan to produce approximately 30 million tonnes of liquefied natural gas (LNG) this year, marking a significant leap in the country's energy sector.
"We plan to reach a level of LNG production of about 100 million tonnes by 2030, and this year, for comparison, it is 30 million tonnes," TASS quoted Novak as saying on Saturday.
Russia, home to over 180 operational gas fields, currently holds an approximate eight percent share in global LNG production. Novak outlined several key initiatives aimed at boosting this figure to 20 percent. Among these initiatives is the construction of the Arctic LNG 2 plant, a project that holds great promise for the nation's energy future.
“The global consumption of LNG is expanding more quickly than that of traditional pipeline gas. This is a very new industry; the first LNG plant was put into service on Sakhalin in 2009, and the second facility was constructed on Yamal in 2017," Novak added.
Russia’s Federal State Statistics Service reported that LNG production from January to September 2023 amounted to 23.6 million tonnes, reflecting a 4.4 percent decrease compared to the same period in 2022. However, September saw a notable increase in production, reaching 2.7 million tonnes, a 3.2 percent rise from September 2022 and a 24 percent surge from August 2023.
The Caspian region’s largest and wealthiest country, Russia, has some of the largest gas fields in the world. According to the United States Energy Information Administration, its proven gas reserves account for about 1,688 trillion cubic feet (tcf) of natural gas, while the world's gas reserves amount to 7,257 tcf of natural gas.
With the world’s largest proven reserves, Russia operates two major LNG plants. The Sakhalin plant, situated on Sakhalin Island and managed by Gazprom, has an annual capacity of 9.6 million tonnes of LNG. The three-train Yamal LNG plant has an annual production capacity of 16.5 million tonnes of LNG.