Support The Moscow Times!

Miller Calls Shale Gas Technology 'Bubble'

Shale gas production in the United States is unprofitable and this "bubble" will burst soon, Gazprom CEO Alexei Miller said.

"At present, we do not know a single project where production of shale gas at the upstream stage yields a profit, absolutely all wells are loss-making. There is an opinion that it is just a "bubble" that will burst soon," Miller said in an interview aired on the Rossia channel Saturday.

Miller said he does not see the U.S. as a competitor of Russia in gas production and expressed skepticism about the prospects of the shale gas production technology.

He noted that the U.S. is unable to provide itself with natural gas as the country remains the biggest gas market and the biggest consumer of natural gas in the world.

He noted that, according to industry experts, the volume of shale gas production in the U.S. is comparable to the decrease in conventional natural gas production.

He suggested that production of shale gas in the U.S. is dictated by efforts to ensure energy security.

Related articles:

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more