In that talk, Mr. Miller dismissed the technology as environmentally unsound and expensive, and said that shale gas would affect only the margins of Gazprom’s business — characterizing shale as merely an appetizer to Gazprom’s main course.
“If you fell for foie gras,” he told the audience in France, “it does not mean that buttery soft tenderloin steaks grilled to your taste are made redundant.”
More recently, shale gas wildcatters at the Kiev conference said they could not be more pleased with Gazprom’s behavior. By keeping natural gas prices in Ukraine and elsewhere in Europe higher than gas prices in the United States, they said, Gazprom is making shale exploration in Eastern Europe look all the more profitable.
The company intends to employ the latest technology from the U.S., the forerunner in shale development, to maximize output.