Alexey Miller and Helge Lund exchange views on Shtokman project
Saint Petersburg hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Helge Lund, President and Chief Executive Officer of Statoil.
The parties discussed the key issues of cooperation in the gas sector and exchanged views on the progress with preparations for Shtokman Phase 1 development.
The core businesses of Statoil are oil and gas exploration and production. The company has been producing hydrocarbons on the Norwegian continental shelf for over 35 years and is the pioneer in offshore projects implementation in harsh climatic conditions. The Norwegian government is the major shareholder of Statoil (67 per cent).
The Shtokman field is situated in the central part of the Russian sector of the Barents Sea. C1 reserves of the field make up 3.9 trillion cubic meters of gas and 56.1 million tons of gas condensate, with 3.8 trillion cubic meters of gas and 53.4 million tons of gas condensate located within Gazprom's licensed area.
The Shtokman gas and condensate field development project is of strategic importance for Gazprom. The project implementation will give a start to a new gas production region on the Arctic shelf of Russia.
The Shtokman field will become a resource base for building up deliveries of Russian gas both by pipeline and in the form of LNG (liquefied natural gas) to the domestic and foreign markets.
Gazprom neft shelf (wholly-owned subsidiary of Gazprom) holds the gas and gas condensate exploration and production license for the Shtokman field.
In February 2008 Gazprom, Total and Statoil (StatoilHydro then) established Shtokman Development AG, a special-purpose company to engineer, design, construct, finance and operate Phase 1 facilities intended for the Shtokman field development. Gazprom holds a 51 per cent share stake in the company, Total – 25 per cent, Statoil – 24 per cent.
Shtokman Development AG will own the Shtokman Phase 1 infrastructure for 25 years, starting from the date on which the field is brought onstream.