UPDATE 1-Gazprom says fully replaces gas production in 2007

(Adds more figures, background after para 2)

MOSCOW Jan 22 (Reuters) - Russia's gas export monopoly Gazprom (GAZP.MM) said on Tuesday its reserves replacement had exceeded production for the third consecutive year in 2007 as it had discovered 585 billion cubic metres of new reserves.

Last year, Gazprom, the world's largest gas firm, produced 548.5 bcm of gas.

Gazprom, which covers a quarter of Europe's gas needs, said it planned to maintain healthy reserve replacement ratios in the future to meet growing gas demand in Russia and abroad.

"According to our plans, this trend will be maintained in the future and Gazprom will ensure a steady expansion of its mineral resource base," the firm's chief executive officer Alexei Miller said in a statement.

Gazprom said its reserves replacement stood at 590.9 bcm in 2006 versus production of 556 bcm. In 2005, the figures were 583.4 bcm and 555 bcm, respectively.

The International Energy Agency has repeatedly criticised Gazprom for not investing enough in gas production, saying it could put Europe at risk in the long-term.

Other Russian energy companies are expected to report last year's reserves replacement figures later this year. (Reporting by Tanya Mosolova)