This Extended Expert View looks at Gazprom's strategy of diversifying its business portfolio from natural gas to oil on the one hand, and energy utility on the other. We then discuss the extent to which this strategy is representative of major hydrocarbons producers in general.

• The Expert View looks primarily at Russia's Gazprom, although the following companies are also discussed: E.ON, RWE, DONG, Galp, ENI, BP, Shell.
• Geographic coverage includes Russia, Central and Eastern Europe, and Western Europe.
• Industry coverage includes upstream oil and gas, oil refining and marketing, power generation and retailing, and gas wholesaling and retailing.

Russia's natural gas giant Gazprom has recently had talks with German multi-utility RWE about joint projects in the generation and marketing of electricity. This represents a renewed effort by major oil and gas producers to add a utility dimension to their business strategies.

If Gazprom's example proves successful, those oil and gas majors, including Shell, BP and Total, which have previously tried and failed to develop full-blown utility businesses, will soon be tempted to try again.

• Gain insight into the business strategies pursuit by Gazprom - the world's largest natural gas producer.
• Benefit from analysis of synergies between then main energy industry verticals: oil, gas and power.