Russia: Gazprom, Statoil Executives Discuss Shtokman Phase 1

Gazprom, Statoil Executives Discuss Shtokman Phase 1

The Gazprom headquarters hosted Friday a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Helge Lund, President and Chief Executive Officer of Norway’s oil company, Statoil. 

The attendees tackled cooperation issues on launching the Shtokman field Phase 1 pre-development.

The Shtokman field is situated in the central part of the Russian sector of the Barents Sea and is reckoned to be the world’s biggest proven offshore gas field with estimated reserves of 3.9 trillion cubic meters of gas and 56 million tons of gas condensate. This is equivalent to the amount of  gas found so far on the Norwegian continental shelf.

Iwill become a resource base for building up deliveries of Russian gas both by pipeline and in the form of LNG (liquefied natural gas) to the domestic and foreign markets.

Gazprom Neft Shelf, a wholly-owned subsidiary of Gazprom, holds the gas and gas condensate exploration and production license for the Shtokman field.

On February 21, 2008 Gazprom, Total and StatoilHydro (present Statoil) signed the Shareholders Agreement on establishing Shtokman Development AG , a special purpose vehicle to implement Phase 1 of the project. Gazprom holds 51 per cent in the company, while Total and Statoil hold 25 and 24 per cent accordingly.

Shtokman Development AG will own Shtokman Phase 1 infrastructure for 25 years, starting from the date on which the field is brought onstream.

Offshore Energy Today Staff, March 19, 2012; Image: Gazprom