Russian gas firm OAO Gazprom (GAZP.RS) may revise the timeframe for some of its priority projects including developments on the Yamal peninsula, the Interfax news agency said Thursday citing the company's Deputy Chief Executive Valery Golubev.
While confirming that the Bovanenkovo field located on the Yamal peninsula would come on-stream in 2011, Golubev said the timeframe may change for construction of compressor stations on the Bovanenkovo-Ukhta gas pipeline, installation of various other equipment at them, and addition of certain production capacity at the field.
In February, Gazprom - the world's biggest producer of natural gas - said it may have to lower its 2009 investment program, which currently stands at 920 billion rubles ($27.44 billion), because of collapsing demand, but that its "priority projects" wouldn't be affected.
Golubev said the economic crisis will force Gazprom to lower output by around 10% for the next four to five years due to a decrease in demand.
The Yamal peninsula is key for Gazprom to bring new production on stream, as output from fields elsewhere declines. In an investor presentation the company named the Bovanenkovskoye, Zapolyarnoe and Urengoyskoe fields as its top production priorities.
There has been widespread skepticism that Bovanenkovskoye will start up on schedule in 2011.