This commentary details the woes facing the natural gas market in Europe of reduced consumption and oversupply and the consequent low prices on the spot market. Gazprom faces excess capacity and the loss in exports, which are significantly affecting its balance sheet. In the first half of 2009, its profit was 48% lower compared to the same timeframe in 2008, while its debt grew by 31%. In light of these unfavourableconditions, the author concludes that the gas major can count itself lucky that it did not heed the calls of numerous commentators –including himself – for greater investment in its gas fields. Had it done so, its current situation would have looked even worse.