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Gazprom Says Gas Reserves at Europe, Ukraine's UGS Facilities Are at an All-Time Low

01/24/2022 | 10:38am

By Anthony O. Goriainoff

Gazprom PJSC said Monday that gas reserves in Europe and Ukraine's underground gas storage facilities were at an all-time low according to Gas Infrastructure Europe, an association representing European gas infrastructure operators.

The oil-and-gas company, which is majority owned by the Russian government, said that according to GIE, working gas inventories in Europe's UGS facilities as of Jan. 22 were 26% below last year's level.

Gazprom said that on Jan. 11, the amount of reserves in European UGS facilities hit all-time lows and that 11 days later, the reserves were already 1.85 billion cubic meters below the all-time low for this date. It added that the amount of gas withdrawn from the facilities reached 71.8%, or 34.3 billion cubic meters of gas, on Jan. 22.

The company said that according to GIE, the level of reserves in Ukraine's UGS facilities on Jan. 22 fell to 12.1 billion cubic meters, a 44.6% fall from the year prior and 3.2 billion cubic meters less than at the start of the injection period, which took place in April 2021.

"By today, the reserves in Ukraine's UGS facilities have tumbled below 12 billion cubic meters," Gazprom said.

Gazprom also said that on Jan. 18, the daily supply of Russian gas to China registered a new absolute record under the long-term bilateral contract between the company and China National Petroleum Corp.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

01-24-22 1037ET

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