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Gazprom’s once solid grip on Europe is slowly, but inexorably, slipping as the shale gas revolution continues to grow in the US, and spread out to other parts of the world.
Gazprom is used to being the bully of the playground, yet shale gas is offering the possibility of a future in which the other children learn to stand up for themselves.
For years officials at Gazprom were derogatory of shale gas; referring to it as a bubble, or a luxurious side dish that is not for everyone. Yet now, with the US set to surpass Saudi Arabia and Russia to become the largest producer of crude oil in the world by 2035, all thanks to shale oil & gas, Russia must take note and accept that shale really is a game changer.
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Even Vladimir Putin has admitted that shale technology needs to be considered as part of Russia’s future. “Politicians, experts and businessmen are talking about the shale revolution. We must take into account current developments and have a clear view of how the situation will develop not only in the next two to three years, but through the next decade.”
Elena Herold, a Russian analyst at PFC Energy, remarked that “when the whole boom started, Gazprom was in denial,” but “no one in Russia's energy industry can afford to ignore the president's stark comments.”
By. Charles Kennedy of Oilprice.com
Charles is a writer for Oilprice.com