icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
21 Feb, 2008 12:28

Development company for Russia’s largest gas field formed

Russia's Gazprom, France's Total and StatoilHydro of Norway have signed an agreement to create a joint company to develop the Shtokman gas field in the Barents Sea. Russia’s largest field is to provide gas to European customers through the Nord Stream pip

The newly-created company, Shtokman Development, is owned by three companies, with a 51 per cent stake under Gazprom’s control. The board will have five representatives from Gazprom and two each from Total and StatoilHydro.

After production at the Shtokman field is launched in 2013, the company is to deliver 23.7 billion cubic metres of gas to Europe yearly.

It will produce natural gas for 25 years, after which the Russian giant will buy out Total’s and StatoilHydro’s stakes in the project.

The reserves of the Shtokman gas field are 3.8 trillion cubic metres of natural gas and about 27 million tonnes of condensate.