Rosneft: US Shale Gas No Threat to Russia’s Energy Dominance
From Ria Novosti
Russian state oil giant Rosneft has plans to extract oil in the next 100 years and sees no significant threat from the increase in shale gas production in the United States, CEO Igor Sechin told journalists Sunday.
“We have a 100 year work prospect,” Sechin said. “As for the shelf, we have no other alternative. In general, oil needs to be extracted,” he said adding that the US shale production is high-cost, which makes it impossible for export.
US media reports said this week the United States was expected to leapfrog Russia as the world’s largest producer of oil and natural gas this year thanks to a surge in US fuel production driven by technology that allows energy companies to tap into oil and gas in underground shale rock formations.
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