Do as I Do, Not as I Say?
It appears that the Russian energy elite is sending conflicting signals.
In an Interfax article dated today, Russian Energy Minister Sergei Shmatko is quoted as saying that there "are few prospects for shale gas production in Russia" as "extracting gas by traditional means remains much more appealing than development of shale gas technology".
"The companies engaged in shale gas production in the U.S. are not posting good financial results" said Minister Shmatko.
Speaking in the State Duma, he continued "the companies that are producing shale gas, whose shares are being bought up on the stock market and are overheated because of it, are not showing very good operating results." He also commented that " there are significant environmental risks associated with shale gas production."
At the very same time..........
Reuters reports that Gazprom is looking at entering into U.S. shale gas market.
“We are looking for possibilities in the U.S.,” Alexander Medvedev, head of export operations at Gazprom said, when asked if the company is mulling a foray into U.S. shale gas.
“Gazprom is moving into the U.S. shale gas to get first-hand knowledge about the new technology and its own future,” said Mikhail Korchemkin at think tank East European Gas Analysis.
Now, most reasonable people would conclude that Gazprom is seeking this 'first hand knowledge" of shale gas technology in order to deploy such knowledge in its home market.
I wonder what Minister Shmatko would conclude?