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Gazprom CEO Alexey Miller. Image courtesy of Gazprom.

Gazrpom said Tuesday set its 2015 capital expenditures budget at $13.38 billion, down about a third from the $21.43 billion budgeted for 2014.

The state-owned company will slash its 2015 investments to $15.41 billion, about a 16 percent drop from 2014 levels.

Gazprom didn’t comment on the reasons for the cuts.

Priorityallocations were given to a comprehensive development program in the Yamal Peninsula, constructing gas production, transmission and processing facilities for the Yakutia gas center, constructing the Southern Corridor pipeline system and developing an underground gas storage system.

Last year, the company initially earmarked $14.72 billion for investments but wound up spending about $18.26 billion.