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Shtokman company created for field's first phase

By OGJ editors
HOUSTON, Feb. 21 -- OAO Gazprom, Total SA, and StatoilHydro AS have signed a shareholder agreement for the creation of Shtokman Development AG, a Swiss-registered entity that will oversee Phase 1 development of Shtokman field. Shtokman field lies in the central region of the Russian sector of the Barents Sea.

Gazprom holds a 51% stake in the new company, while Total holds 25% and StatoilHydro, 24%.

Shtokman Development will organize project engineering, development, construction, financing, and exploitation of first-phase facilities related to Shtokman field development.

The partners reported that front-end engineering and design for the project has started and will be completed in second half 2009.

Among other things, Russian and international subcontractors for FEED studies have been named and a site has been chosen for the technical and transportation complex near Teriberka in the Murmansk region, the companies said.

The first phase of the field's development will result in production of 23.7 billion cu m/year of gas. Pipeline deliveries are to start in 2013, and LNG in 2014.


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