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Gazprom gives foreign companies a share in Shtokman
20.03.2007 08:20
Gazprom gives foreign companies a share in Shtokman

Gazprom, the Russian state-ruled holding, has found the way to attract foreign companies to developing the huge Shtokman gas and condensate field. To do this Gazprom is planning to make use of the Urengoy pattern implying the sale of a share in the project operating company to foreigners, with the license still belonging to the monopolist.
      Presently the license for developing the Urengoy gas field is owned by the 100% Gazproms subsidiary Urengoygazprom. In 2003 the Russian concern and Wintershall Company formed a JV Achimgas - to develop one of the Urengoys fields. The parties of the project got the equal shares of the operating companys assets. According to the approved contract, three parts of fuel are directed to the countries of CIS at the domestic price and the fourth part goes to Europe at the export price.
      the Shtokman gas and condensate field is located in the central part of the Barents Sea, about 600 km north-east of the city of Murmansk, with local sea depths varying from 320 to 340 m. Shtokmans explored reserves are valued at 3.4 4bn cubic metres of gas.
      Earlier such companies as Hydro, Statoil, Chevron, ConocoPhilips and Total announced their intention to participate in the project.


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