Interfax are flashing that work on the Shtokman field project is going to be delayed by three years.
This is not a huge surprise, as in recent months the balance of energy in Eurasia has changed dramatically.
Up until last year the key issue with gas for Europe, especially, was simply making sure you got enough of it.
Now that shale gas has made its debut - and made the US self sufficient in gas - the equation has changed and the price of oil is playing an increasingly important factor.
While the gas Russia intends to pipe from the Yamal deposit in its northwest still makes sense, the Shtokman project is looking increasingly problematic simply as it will be so expensive to get at - the deposit is large, but lies at the bottom of the Barrents Straight off Russia's north coast in one of the most hostile environments on earth. In addition the gas was to be piped to the coast where it was to be turned into liquid natural gas and taken on to markets - especially the US - in supercooled super tankers.
LNG is about 15-times more expensive to produce than conventional gas. The combination of price compeition together with the closure of the US market looks like it may kill the Shtokman project off completely.
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