Gazprom’s natural gas exporting revenues have more than halved in the first quarter, as the giant faces intense competition from LNG and historically low gas prices.

Revenues dropped 51.6% year-on-year to $6.8 billion in the Jan-March period, according to reports citing data from the Russian customs data on Wednesday.

The volume exported by Gazprom’s pipelines dropped 24% in the quarter to 46.6 Bcm. The average exports price declined 9% to $125 per thousand cubic meters (Mcm) in March, compared to February.

As reported by Kallanish Energy earlier this month, Gazprom expects its natural gas exports to Europe to reach 166.6 Bcm this year at an average price of $133/Mcm.

This post appeared first on Kallanish Energy News.