Gazprom Urges Chevron, Total to Go Back to Shtokman




Russia’s gas monopoly, Gazprom, has addressed five companies, including Chevron and Total, offering them to discuss potential participation in Shtokman’s development. The negotiations will start in February, Alexander Medvedev, BOD chairman at Gazprom, told the World Economic Forum in Davos, lenta.ru reported referring to Bloomberg. Anyway, Gazprom will remain the sole owner of Shtokman’s reserves, Medvedev specified.

Foreign companies may count on taking part in Shtokman’s development, President Vladimir Putin announced in December. The issue could be raised again should any interesting offers be received, the president explained.

By results of the primary tender held by Gazprom in September of 2005, Hydro, Statoil, Chevron, ConocoPhillips and Total were picked out to bid for future development of Shtokman field together with Gazprom. But Gazprom turned down potential foreign partners October 9, 2006.

International consortiums may take part in the project, Gazprom announced some time later, but only as contractors for creating the required infrastructure.

The Shtokman gas field is located in the central portion of Russia’s shelf of the Barents Sea, 600 kilometers northeast from Murmansk. Russia estimates gas reserves at 3.4 trillion cu meters to 4 trillion cu meters, which will suffice to meet all requirements of the world biggest consumer of energy – the United States. Gazprom’s costs for implementing the project are estimated at roughly $10 billion.

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