31 October 2012

Putin promised to launch Shtokman prior 2017

The investment decision on the Shtokman project, a huge gas and condensate field at Barents Sea shelf, will be taken in the nearest future. This was stated by Russian President Vladimir Putin at the meeting with Murmansk Governor Marina Kovtun according to the information published at the official website of the President of Russia,.

After Kovtun complained about Shtokman project “being put on hold indefinitely”, Putin answered: “Why indefinitely? The investment decision is planned to be taken in the near future,
so we are talking project launch before 2017”

Initially it was planned that the investment decision on Shtokman should have been taken in 2010 towards delivering first gas in 2013. After that, the investment decision has been postponed several times. In late August 2012 Gazprom stated that the partners of Shtokman Development consortium decided to postpone the Shtokman project for an indefinite period due to its high cost.

There were no comments from the Russian state gas company respecting the President’s statement. Also, on October 25 it became known that Gazpromj had filed an official application with the Russian Ministry of Mineral Resources (Rosnedra) for changing the schedule of putting Shtokman field on production. The ministry in its turn informed that they were going to consider the application within a month.

In 2008 Gazprom signed the agreement on Shtokman field development with Total and Statoil. For this purpose a consortium Shtokman Development was created in which Gazprom owned 51 percent working interest with 25 percent owned by Total and 24 percent — by Statoil. In August 2012 Statoil handed its shares in Shtokman Development back to Gazprom.

Source: http://www.lenta.ru/news/2012/10/31/putin/

Peskov commented on Putin’ statement about Shtokman launch

By the end of 2017, construction of infrastructure at Shtokman gas field will be started as was planned. That was stated by Dimitry Peskov, a spokesman for the President of Russia Vladimir Putin (according to RIA Noviosti news agency).
That clarification Peskov made in regards to the president’s statement made earlier. At the meeting with Murmansk Governor Marina Kovtun who complained about Shtokman project “being put on hold indefinitely” Putin reassured her saying: “Why indefinitely? The investment decision is planned to be taken in the near future,
so we are talking project launch before 2017”.

Initially it was planned that the investment decision on Shtokman should have been taken in 2010, but it was postponed several times. In August 2012 Gazprom informed that the partners decided to postpone the Shtokman project for an indefinite period as it was too expensive. In late October it was reported that the Russian state gas company has filed an application with the Russian Ministry of Mineral Resources (Rosnedra) for changing the schedule of putting the Shtokman field on production and a decision about it should be made within a month.

Gazprom partners in the Shtokman project were Total and Statoil. In 2008 the parties created a joint venture Shtokman Development in which Gazprom held 51 percent working interest, Total— 25 percent and Statoil— 24 percent. In August this year Statoil handed its interest back to Gazprom as the term of shareholders agreement expired.

Source: http://lenta.ru/news/2012/10/31/shtockman/