The news source reported that the increased capital expenditure outlay will chiefly go towards the development of new fields in the Arctic, East Siberia and the Russian Far East.
Gazprom is expected to commence development work on major fields which are located in harsh environs, such as Bovanenkovskoye on the Yamal peninsula and Shtokman in the Barents Sea. These investments are expected to make up for falling output at Gazprom’s West Siberia fields.
The Russian gas monopoly is seeking to raise its capitalization to $100 billion by 2020, and has stated its ambition to become one of world’s three largest companies, according to the Wall Street Journal.
