Russia: Statoil, Gazprom Executives Discuss Shtokman Development

Russia: Statoil, Gazprom Executives Discuss Shtokman Development

A working was held yesterday in Saint Petersburg meeting between Alexey Miller, Chairman of the Gazprom Management Committee (right) and Helge Lund, President and Chief Executive Officer of Statoil(Left).  The parties tackled the main issues of colaboration in the gas sector and exchanged views on the progress with preparations for Shtokman Phase 1 development.

The Shtokman field is located in the central part of the Russian sector of the Barents Sea. C1 reserves of the field make up 3.9 trillion cubic meters of gas and 56.1 million tons of gas condensate, with 3.8 trillion cubic meters of gas and 53.4 million tons of gas condensate located within Gazprom’s licensed area.

The Shtokman gas and condensate field development project is of strategic importance for Gazprom. The project implementation will give a start to a new gas production region on the Arctic shelf of Russia.

The Shtokman field will 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 (wholly-owned subsidiary of Gazprom) holds the gas and gas condensate exploration and production license for the Shtokman field.

In February 2008 Gazprom, Total and Statoil (StatoilHydro then) established Shtokman Development AG, a special-purpose company to engineer, design, construct, finance and operate Phase 1 facilities intended for the Shtokman field development. Gazprom holds a 51 per cent share stake in the company, Total – 25 per cent, Statoil – 24 per cent.

Offshore Energy Today Staff , November 24, 2011

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