In Austria, we have a saying: “The dog that barks does not bite”. Gazprom still has gas from their legacy fields Urengoy and Yamburg which are both slated to expire between 2022 and 2026. And they already have volumes from Yamal that come on top. The game is going to be on when those legacy fields expire as the Yamal volumes are then no additional volumes anymore but replacement. A replacement that’s less than the shortfall.
Russian gas giant Gazprom has no competition when selling gas to the European market, the company’s export arm told Reuters, pointing to its record export volumes to the region. Last month, Gazprom Export said the company plans to increase exports to Europe from the record-high levels seen in 2017.