The project partners – Russia’s Gazprom, French firm Total and Norway’s Statoil – met in Zurich this week to review the progress that has been made towards making a final investment decision (FID) on the development.
The FID on pipeline gas is scheduled to be made in March 2011, and the FID on LNG before the end of 2011. Accordingly, pipeline gas production will begin in 2016 and LNG in 2017, three years later than anticipated.
Gazprom said the delay was prompted by major shifts in the global gas markets, particularly the LNG market.
Requiring an investment of $US15 billion for the Phase I of the development, the Shtokman field is located in the central part of Russian sector of the Barents Sea, 600 km north of the Kola Peninsula.
Article continues below…Gazprom holds the controlling stake of 51 per cent in the Shtokman development, while Total hold a 25 per cent stake, and Statoil holds the remaining 24 per cent.
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