Russian energy company Gazprom said it expects natural gas production from its assets to increase by 1.5 percent for full-year 2015.

Gazprom board members reviewed the status of operations ahead of its imminent general shareholders meeting. In a quarterly report in April, the company blamed heavy profit losses on the appreciation of the U.S. dollar and euro against the ruble, which plummeted in value in part because of the strains of sanctions.

Russia's economy relies heavily on oil and natural gas revenue and a weak market for crude oil added another layer of burden.

Board members said from Moscow the company would focus in 2015 on operations on the Russian continental shelf, notably with new efforts in the Barents and Kara Seas.

Last year, the company said it produced 1.56 trillion cubic feet of gas. For 2015, the company expects gas production to increase by about 1.5 percent.

Gazprom said that, as of Dec. 31, its natural gas reserves represented 72 percent of all the gas in Russia and nearly 17 percent of the world's total.

Gazprom has focused more on Asian markets as Europe works to break the Russian grip on the regional energy sector. The company said net sales of gas to Europe increased, but declined by about 9 percent year-on-year in terms of volume.

The company in April said its net profits declined 17 percent year-on-year to $5.3 billion.