Gazprom will hold 75 percent in an operating company that will finance, build and own infrastructure the project, Gazprom CEO Alexey Miller said.
Photo: Dmitry Lebedev
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Gazprom Picks Total to Develop Shtokman
Russian gas monopolist Gazprom has chosen France’s Total to help develop Shtokman, a large Arctic offshore field, RIA Novosti reported Wednesday citing Gazprom CEO Alexey Miller. The French oil firm is already operating in Russia under a product sharing agreement at the Kharyaginskoye deposit.
Gazprom and Total signed the deal on July 13. Gazprom will hold 75 percent in an operating company that will finance, build and own infrastructure the project. Total will own the rest, Gazprom CEO said. The Russian company may offer a stake in the project to additional foreign partners and cut its own share to 51 percent, according to Mr. Miller.
The Russian gas major earlier said it would not sell a stake in Shtokman to foreigners and would run the deposit itself. The Russians, however, lack experience of working in severe northern conditions.
Gazprom was considering a shortlist of partners what included Total, Statoil, Chevron and ConocoPhillips.
The Shtokman deposit with an estimated 4 trillion cu. meters of gas in reserves is situated in the Barents Sea, 600 north off Murmansk. Gas is to be shipped to Europe via the Nord Stream pipeline. The first stage of the development sees annual production at 23.7 billion cu. meters of gas with first deliveries in 2013.
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