April 1, 2014 / 12:12 PM / 4 years ago

Russia's Rosneft sees its gas production rising to 55 bcm in 2014

MOSCOW, April 1 (Reuters) - Russia’s Rosneft expects its gas output to reach 55 billion cubic metres (bcm) this year and rise to over 63 bcm in 2015, the company told Reuters on Tuesday.

Rosneft, the world’s largest listed oil company by output, plans to build a liquefied natural gas (LNG) plant in Russia’s Far East with initial capacity of 5 million tonnes a year in partnership with U.S. company ExxonMobil.

In response to questions sent by email, it said it was implementing the Far Eastern LNG project on schedule despite political tensions with the West over Russia’s annexation of Crimea from Ukraine. It said the project targeted Asia- Pacific markets and was due to come on stream in 2018-2019.

Rosneft said current LNG prices in the Asia-Pacific region meant it would “successfully” carry out the project. It added that it did not expect all LNG projects announced by the United States to come on stream because of the level of U.S. domestic gas demand and competition from neighbouring Canada. (Reporting by Denis Pinchuk, Writing by Katya Golubkova, Editing by Timothy Heritage)

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