Russia: Gazprom, Statoil Officials Evaluate Progress with Shtokman Project

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

During the meeting the parties addressed the key business issues and prospects for cooperation between Gazprom and Statoil in the gas sector.

Alexey Miller and Helge Lund appraised progress with preparations for Phase 1 of the Shtokman field development and considered further steps on the way to the project execution.

Background

Oil and gas exploration and production are the core businesses of Statoil. The company has been producing hydrocarbons on the Norwegian continental shelf for over 35 years now and is the pioneer in offshore projects implementation in harsh climatic conditions.

The Norwegian government is the major shareholder of Statoil (67 per cent).

Gazprom and Statoil are partners in Phase 1 of the Shtokman gas and condensate field development.

In June 2010 Gazprom and Statoil signed the Sci-Tech Cooperation Agreement. Pursuant to the Agreement, the parties will expand cooperation in such areas as geological exploration, field development, novel technologies and equipment for hydrocarbons transportation, environmental protection of the northern seas and territories, energy saving.

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Source:Gazprom, March 1, 2011;