Front-end engineering for the first phase of the giant Shtokman gas development in the Russian Arctic will be completed by late 2009, an announcement declaring the formation of the Shtokman Development company has announced.
Gazprom chair Alexei Miller, StatoilHydro chief exec Helge Lund and Total boss Christophe de Margerie have signed a shareholder agreement. Shares in the Swiss-registered entity remain Gazprom (51 percent), Total (25 percent) and StatoilHydro with 24 percent.
The big oil companies are targeting 3.8 trillion cubic meters of gas and about 37 million tons of light oil.
With the completion of early engineering designs in 2009, a final investment decision and the hiring of contractors will made. Some have already been chosen.
Gazprom’s oil business Sevmorneftegas holds exploration and production licenses for Shtokman.
Tags:
Gazprom,
Sevmorneftegas,
StatoilHydro,
Total
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