Russian energy giants Gazprom say they plan to spend more than £15billion in investments next year.
The world’s largest natural gas producer will look to make more than 800billion rubles of investments, with capital proejcts accounting for 701billion (£13billion).
Among these will be the development of the Yamal Peninsula, with pre-development work of the Bovanenkovskoye gas field a priority.
A new gas line between Bovanenkovo and Ukhta, and underground gas storage facilities are also to receive investment, along with developing an LNG plant near Vladivostok.
Outside of Russia, investment will be made in projects in Algeria, Libya and Uzbekistan, among other countries.
The firm said it expected a budget surplus of around 500million rubles (£9.3million).
Meanwhile Russia has cut gas prices for the Ukraine after buying $15billion of Ukranian debt.
The deal, agreed after talks between the countries’ leaders in Moscow, is aimed at staving off economic crisis and smoothing diplomatic relations.
President Valdimir Putin said Russia would help Ukraine through its economic crisis, as the country faces big debt repayments.
Ukraine’s Naftogaz will pay Russia’s Gazprom $268.5 per 1,000 cubic metres of natural gas – around a third less than the previous price of $400 per 1,000 cubic metres.