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Shtokman on ice - indefinitely
Posted 30.08.2012 13:15:51 av John Bradbury
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Russia's giant Shtokman gas development appears to have been put on ice indefinitely according to a Russian media outlet.

Russian news site Ria Novosti says an investment decision on the field has been postponed until better times, citing an anonymous Gazprom source.

Gazprom, Total and Statoil's partner agreement for development of the giant Barents Sea gas field offshore from Murmansk expired back in July and there has been no apparent decision on the project since.

Previously Gazprom chief executive Alexei Miller has said that a final investment decision on the field would be made in the autumn this year but previous project deadlines have been indicated without progress being made.

Reports have suggested that the Shtokman partners have been unable to agree on a choice between a pipeline export route for the field's gas, and a LNG-based development located on a greenfield site at Teriberka near Murmansk.

Development of shale gas onshore in the US has also hit the project economics for Shtokman. Discovered in 1988, Shtokman is estimated to contain 3.8 trillion cubic metres of gas plus 37 million tonnes of condensate, and is 600 kilometres (375 miles) north of the Kola Peninsula and is ranked as one of the world's largest gas fields which remains undeveloped.


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