Shtokman’s significance stems from of major factors. The project will set up a benchmark for future Arctic shelf development. Shtokman will contribute to long-term energy security on the local, European and international markets supplying sizable portion the gas to meet growing demand for energy. Diversification of the export products (pipeline gas and LNG) and export routs to the global market will make supplies more flexible and reliable.
Additionally, it will bridge up knowledge and expertise transfer in offshore development to the Russian industry and will maintain their production capacity during the worldwide economic recession.
Shtokman is a strategic project for future Arctic shelf development
The evaluated Arctic basin reserves are 200 billion BOE. Hence, the Arctic region may contain over a quarter of still undiscovered world hydrocarbons reserves. Shtokman project starts the age of industrial Arctic exploration.
Shtokman will contribute to long-term energy security
With the geological reserves estimated at 3.9 trillion cubic meters of gas and around 56 million tonnes of gas condensate Shtokman gas and condensate field is inside top-10 gas fields worldwide. It equals to 1.3 years world’s gas consumption today and will ensure long-term gas supplies to the targeted markets.
Diversification of the export products and export routs
The gas produced under the Shtokman project has been identified as the resource base for Nord Stream pipeline deliveries to Western Europe and the production of Russian LNG that will subsequently be sold on international markets.
Knowledge and expertise transfer
The Shtokman objective is to extend the role of Russian content in the project and to give Russian Companies invaluable experience of the offshore development through the consortiums with leading foreign oil and gas companies. Participation of Russian companies in the Phase 1 implementation stage should become the launching pad for their participation in subsequent phases.