GAZPROM Postpones Bovanenkovo Development on Yamal

June 16, 2009 • Philip BurgessBlog
(Source: BarentsObserver) Russian energy major Gazprom will postpone the launch of the Bovanenkovo field in Yamal until 2012, a high-ranking company representative confirmed today.

Aleksandr Ananenkov, Deputy Chairman of the company’s Management Committee today said that the launch of the field will be postponed from 2011 as originally planned to 2012. The reason is the company’s need to save costs, RIA Novosti reports.

The postponement is a blow to Gazprom, which has the Yamal development among its top priority projects. The company has on numerous occasions stressed that it will not postpone neither the Yamal development, nor the Shtokman project in the Barents Sea

The postponement comes as Gazprom is losing big money on the international economic downturn. As BarentsObserver reported this week, Gazprom’s exports to the EU the first quarter of the year shrunk as much as 35 percent year-on-year. The company’s revenues have dropped similarly.

The Bovanenkovo field is with its estimated 4,9 trillion cubic meters of gas the biggest of the fields in the Yamal Peninsula.