BERLIN, May 26 (RIA Novosti) - Gazprom (RTS: GAZP) is capable of increasing its annual natural gas production by 13%, a deputy chairman of the Russian energy giant said Friday.
"In the cold months of this year, January and February, we reached levels at which we would be able to produce 620 billion cubic meters, which is 70 cu m more than last year," Alexander Medvedev said.
Speaking an international energy conference, Medvedev said however that Gazprom did not currently need to increase its output, and that the company would produce as much as the market demanded.
Speculation has been circulating in Europe that the reserves of the energy giant, which currently supplies a quarter of European gas, are declining.
The International Energy Agency, an intergovernmental body committed to advancing security of energy supplies, economic growth and environmental sustainability, said in a report that Gazprom was not pumping enough investment into production, but Medvedev played this down.
"If it is necessary to invest in anything, it is transportation infrastructure," Medvedev responded.
