StatoilHydro CEO Helge Lund, left, and Gazprom CEO Alexei Miller, right, attend the ceremony of signing the framework agreement for cooperation during the 1st stage of Shtokman field development, Moscow, October 25, 2007.
Photo: Grigoriy Sobchenko
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Shtokman to Be Incorporated in Switzerland
Shtokman Development Company that is to implement the first stage of the Shtokman field’s development is likely to be incorporated in the Swiss canton of Zug, the official whereabouts of Gazprom’s Rosukrenergo and Nord Sream AG.
Gazprom Management Committee has finally approved the Substantiation for Investing in Complex Development of Shtokman Field of Gas Condensate and committed profile divisions to ensure elaboration of the project documentation.
Past Friday, Gazprom focused on potential incorporation of its special vehicle, Shtokman Development Company. The monopoly was to choose between two states, Switzerland and the Netherlands. The sources say Gazprom favors the Swiss canton of Zug for this purpose, where it has registered Rosukrenergo and Nord Sream AG (the monopoly owns 50 percent and 51 percent respectively). But Gazprom’s foreign partners in the undertaking, French Total (25 percent) and Norwegian StatoilHydro (24 percent) prefer the Netherlands.
Shtokman Development Co. will be incorporated by December 20, sources of Gazprom news service said, specifying that the management team will be set up by that time as well.
Under the documents approved by Gazprom Management Committee, the overall budget of Shtokman project is from $43 billion to $44 billion in “current prices that may surge by 2020.” The project will be implemented in three stages, while the fourth stage is an option. The gas production of each stage is estimated at 23.5 billion cu meters a year. Shtokman’s reserves equal 3.8 trillion cu meters of gas and 37 million tons of gas condensate.
It was decided to advance to the next stage, FEED (initial engineering design), Gazprom Management Committee member Vlada Rusakova declared during the UBS conference Friday. The plans are to construct a floating SPAR platform at the first stage, building it right at the offshore field, where the depth of the sea reaches 400 meters.
www.kommersant.com
All the Article in Russian as of Nov. 19, 2007
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