OGZPY - Gazprom CEO sees 2020 gas production down 10% in 'challenging' year

Gazprom (OGZPY) expects to have produced 452B cm of gas in a "challenging" 2020, CEO Alexei Miller says in his pre-New Year speech, which would show a 10% decline on the 500B cm produced last year.Gazprom's production capacity exceeds annual production by nearly 100B cm, Miller says, which implies a current output capacity of ~550B cm/year.Supplies to the domestic Russian market are expected to total 223B cm this year, while exports are indicated at 179B cm.Gazprom expects its European gas exports in 2021 to total 183B cm under its newly approved budget for the year.The company also expects supplies next year to China to double after likely totaling 3.9B cm, implying that exports in 2021 could approach 8B cm."Gazprom is building a dividend monster," Volatility Surfer writes in a bullish analysis published recently on Seeking Alpha.

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Gazprom CEO sees 2020 gas production down 10% in 'challenging' year