Gazprom will use 100% of the Shtokman field resources

The Gazprom Management Committee today decided that pipeline gas deliveries from the Shtokman field to the European market would take priority over LNG shipments.

Shtokman will be the resource base for Russian gas export to Europe via the Nord Stream gas pipeline. Gazprom will develop the field on its own, without attracting foreign partners.

“Gazprom will use 100 per cent of the Shtokman field resources. Over the continuous period of time Gazprom has studied the possibility of providing foreign companies with a 49 per cent stake in the Shtokman project. International companies however failed to offer assets matching Shtokman's reserves in amount and quality. The field will be developed with the use of state-of-the-art technological developments, including for LNG production. Authoritative international companies will be invited as project contractors for these purposes. Meeting project deadlines and costs is a prerequisite for prospective contract awards. This decision is an additional guarantee of the Russian gas supply to Europe security in the long-term and proof that the European market is of dominating significance for Gazprom,” said Alexey Miller.