Russia plans to start producing gas at the giant Shtokman offshore field in the Arctic from the fourth quarter of 2016, according to Prime Minister Vladimir Putin.

      On Monday Putin took part in the meeting of the United Russia party in the Cherepovets city. Within his address to the party's members Putin said he hoped that in the fourth quarter of 2016 Russia could produce gas from Shtokman and start the gasification of energy objects and commercial firms.

      The Shtokman offshore field is one of the world's largest maritime shelf gas deposits. It is expected to require $15 billion of investment in its first phase alone. Gazprom is the license holder for the deposit. Its partners in the project are France's Total and Norway's Statoil. Earlier all the partners made a decision to delay pipeline gas production from Shtokman until 2016 instead of the originally planned 2013.

      The field, which contains 3.9 trillion cubic metres of gas and 56 million tonnes of condensate, is 550 km offshore at a depth of 340 metres, was discovered by the Soviet Union in 1988 and its start-up has been repeatedly delayed because of different problems with financing and the lack of transport infrastructure in the region.

Sources: Vedomosti RIA Novosti

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