Shtokman partners defer decisions to 2011

The Shtokman Development AG partners Gazprom, Total, and Statoil have been reviewing progress towards a Final Investment Decision (FID) for the project in the Russian Barents Sea.

Feb 11th, 2010

Offshore staff

MOSCOW-- The Shtokman Development AG partners Gazprom, Total, and Statoil have been reviewing progress towards a Final Investment Decision (FID) for the project in the Russian Barents Sea.

Last week in Zurich the directors acknowledged recent changes in the gas market, particularly in LNG. As a result, the project’s start-up facilities, including the offshore production complex, pipeline to northern Russia, and onshore gas treatment unit, all have been transferred into a separate stage within the Phase 1 program.

They partner companies now plan to commit to an FID on the gas export pipeline in March 2011 and to an FID on LNG facilities before the end of 2011. This should lead to start-up of the pipeline in 2016 and LNG in 2017. The partners also affirmed their confidence in the project and their willingness to continue working actively on its joint implementation

02/11/2010

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