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.