The company said in a statement it would produce 541.9 billion cubic meters in 2004, or 10.2 bcm more than its planned output for 2003.
The higher output forecast pleased investors, who had previously heard from the firm that production would be stable.
"I think many investors even doubt Gazprom's ability to maintain the current output level, that is why this news is good for skeptics," Troika Dialog oil analyst Kaha Kiknavelidze said.
But investors took with a pinch of salt Gazprom's forecast of a rise in consolidated net profit to more than 200 billion rubles ($6.33 billion) in 2004, based on Russian accounting standards.
The state-controlled company forecast 2002 net profit at 102.5 billion rubles and said it saw that figure roughly doubling in 2003.
However, Kiknavelidze said it was premature to speculate about the 2004 results given the fluctuations in the price of oil -- the threat of war in Iraq is a major uncertainty for the oil outlook. Gas prices follow oil prices with a lag of six to nine months.
Pavel Naumenko, a trader at Renaissance Capital, said the market was digesting Gazprom's news to see whether a recent rise of 20 percent in the stock was justified.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.