Earlier the company released a financial report under the Russian Accounting Standards (RAS), saying that the production outlook for this year had been upgraded to 442.3 bln cubic meters from 430.44 bln cubic meters, which means the company’s gas output may go up 5.5% compared with 2016.

Overall, Gazprom expects its Russia-based gas production to amount to 656.8 bln cubic meters in 2017 versus last year’s 636.4 bln cubic meters.

In end-April, Deputy Chairman of the company’s management committee Vitaly Markelov said in an interview with the corporate magazine Gazprom that the plan is to boost gas production by 2.7% in 2017 compared with 2016 to 430.44 bln cubic meters, with the volume of increased gas reserves amounting to 469.6 bln cubic meters.

In 2016, Gazprom increased production by 0.6 bln cubic meters to 419.1 bln cubic meters.

As reported earlier Russia’s top gas producer raised gas production by 13%, or 18.7 bln cubic meters, to 162.6 bln cubic meters in January-April period of this year.

In November 2016, the company downgraded its gas production outlook for 2016 to 409.8 bln cubic meters (a 2% decrease compared with the previous year and a 9% decrease compared with the initial plan). According to the plan adopted in April 2016, Gazprom was going to produce 452.45 bln cubic meters of gas, an 8% increase compared with the actual production level of 2015.

In 2015, the planned gas production level was also downgraded from 485.36 bln cubic meters to 414.1 bln cubic meters due to a decrease in demand. The actual production level was 418.7 bln cubic meters, including 8.4 bln cubic meters of associated petroleum gas.