Moscow Times: Ministry to Adjust Strategy Due to Shale Gas Boom

The Energy Ministry plans to adjust its strategy for the period until 2030 because of the growth in shale gas production in the United States and liquefied natural gas output in the Asia-Pacific region, Energy Minister Alexander Novak said, Interfax reported Thursday.

Recent technological breakthroughs have spurred a global shale gas boom, which has sent prices into a downward spiral and eroded Gazprom’s sway in the natural gas industry.

“We’re currently thinking of adjusting our energy strategy to take into account the challenges facing the sector in general, and the changes that have taken place in recent years, including those related to the shale revolution, the emergence of new shale gas production technologies and shale oil,” Novak said.

Current natural gas transportation and sales arrangements are different from those forecast a few years ago, he said. Companies that previously planned to supply LNG to the United States are now abandoning it for the European market, where more LNG is being received from the Middle East, Novak added.

Meanwhile, Australia has said it plans to quadruple LNG production, he said.

“We now need to look more closely at the current global trends,” he said.

Moscow Times

About these ads

One response to “Moscow Times: Ministry to Adjust Strategy Due to Shale Gas Boom

  1. Government Planners having to deal with the marketplace. Best strategy? Eliminate the Energy Ministry.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s