Gazprom has long been the bogeyman of European energy. Whenever a rival gas supplier announces a discovery or a rise in output, it fosters hopes that the Russian group’s chokehold may be on the point of loosening. But the reality is that Gazprom’s position is not that fragile.

It is true that flatlining yields from existing fields, delays on new projects, and chronic capital underinvestment in the 1990s have put the company in a relatively tight spot. Critics point out that over the next few years, Gazprom’s ability to supply its customers during peak months is likely to be severely tested.