It was reported today that Gazprom may delay the launch of its behemothic Shtokman gas field until 2018, which is just the latest in a long series of delays which appear to be linked to the economic crisis and development of shale gas in the US.  Gazprom’s export chief Alexander Medvedev explains to the FT why he believes the emergence of shale gas cannot scupper the prospects of the Barents project:

Mr Medvedev predicted that, as with the internet bubble, many shale gas companies would be forced out of the industry. “The massive production of shale gas is impossible against a price which is below $6-$8 per million BTU,” he said. “Therefore we do not see in the development of shale gas any threat to us.”