The Gazprom Board of Directors took note of the information about the development prospects of the shale gas and liquefied natural gas (LNG) industries around the world, as well as opportunities and threats facing the Company.
It was noted that in 2023, the share of shale gas in the global gas production remained at the level of 2022, thus making about 20 per cent, and the development of the shale sector has generally slowed down.
In the US, in the first half of 2024, shale gas production decreased for the first time in the past ten years. Against this background, experts note the risks for the US producers of LNG with regard to the availability of a resource base sufficient for them to fulfill their obligations under export contracts.
Considering that Russia possesses plenty of proven gas reserves at conventional fields which offer economic and environmental advantages, Gazprom has no plans to develop shale gas production.
At present, Russia is among the global top five suppliers of liquefied natural gas, alongside with the US, Qatar, Australia, and Malaysia. According to experts, in the long term, the increase in the LNG production will be facilitated mainly by the US, Qatar and Russia: these three countries will cumulatively account for about 75 per cent of LNG supply growth by 2035. It should be noted in this connection that this year in the US, the LNG export forecast for 2035 has been revised downwards, with a decrease by 40 billion cubic meters versus the previous forecast.
In 2023, the main importers of LNG were the countries of the Asia-Pacific region and Europe. According to industry analysts, LNG demand growth will come primarily from Asia-Pacific in the long term. Demand for LNG is expected to almost triple in such countries of the region as India, Thailand, Bangladesh, Malaysia, Pakistan, and Indonesia.
It was highlighted at the meeting that Gazprom’s pipeline gas supplies, including supplies to the east, along with the LNG projects of the Company, contribute to the sustainability of the global gas market.
The Management Committee was tasked with continuing to evaluate the development prospects of the shale gas and LNG industries around the world.
