Russian gas giant Gazprom looks to be riding high. Revenues are strong, and gas exports to Europe, its key overseas market, are holding firm. But the future is rife with challenges. The company faces mounting competition at home and abroad despite its monopoly over Russian pipeline exports, as political tensions with Europe threaten future flows and gas sent east must compete with numerous sources of LNG (PIW Jul.17’17). Gazprom produces 1.37 billion cubic meters (48.4 billion cubic feet) per day, and supplies about half of Russia’s domestic gas needs - although this is down from over 70% just a few years ago. Exports to Europe - which cover some 35% of the continent’s consumption - are set to hit a record for the third consecutive year in 2018, with volumes surpassing last year’s 194.4 Bcm.
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