Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

France's Total Gave up on Shtokman Gas Project - Report
5.05.2014 13:01
France's Total Gave up on Shtokman Gas Project - Report
Photo Credit:

France’s oil and gas giant Total is reported to have written off its investment into the Shtokman project.

      According to The Wall Street Journal, the French company has given up on the joint venture with Russia’s Gazprom.

      Earlier, Russia-IC reported that Gazprom admitted that the development of one of major gas fields in Russia is mostly likely to be shelved due to the high costs of implementation.

      The project was supposed to be run together by Russia’s Gazprom, Norway’s Statoil and France’s Total but the parties have not found an operational model that would be economically viable. Recently, Statoil sold off its stake to Gazprom.

      According to the project’s official website, the Shtokman structure was identified in 1981 from offshore geophysical surveys performed by Sevmorneftegeofizika specialists on board the research vessel Professor Shtokman, which gave its name to the field. Geological study of the field was launched at the same time. In 1988 the first exploration well, with a design depth of 4500 meters, was drilled. Drilling was completed on July 27, 1988 at 3153 meters. Well testing resulted in the discovery of two formations of free gas and gas condensate, and as of January 1, 1989 more than 2.4 trillion cubic meters of commercial-grade free gas was added to the state reserves balance. The field is located in the central part of the shelf zone in the Russian sector of the Barents Sea.


Author: Mikhail Vesely

Tags: Shtokman field Shtokman project Gazprom   

Next Previous

You might also find interesting:

Comment on our site

RSS   twitter      submit

Russian media  Cancer  Rituals  Alain Delon  Russian sport  Contemporary Arts  Kola  Russian artists  Russian research  Russian tourism  Turgoyak  Hermitage  Russian science  St. Petersburg  Russian Cinema  Konstantin Kinchev  Visa to Finland  Shtokman field  Kholmsk  Russian economy  Moscow  Anna Miss Remizova  Russian scientists  Bolshoy Ussuriysky Island   Tyumen  Mercedes-Benz Fashion Week Russia  Russian business  budget airline   Book Tickets for Concerts  Free Events  Exhibitions in Moscow  Russian academy of sciences  Ivan Vyrypaev  Alexei German Jr.  Pyotr Rychkov  Sakhalin  Decorative Arts  Historical Yekaterinburg  Soviet Union  Chelyabinsk Region  book hotels in Russia  Russian society  Regional Cuisines  Parliament in Action  WTO  Russian laws  Frederic Chopin  Great Patriotic War  physiology  Sokolniki 

Travel Blogs
Top Traveling Sites