Shtokman. Some other three years to wait.

Despite another postponement of the project, the three of Statoil, Total and Gazprom do not withdraw from Shtokman.

Today there was held a longed-for meeting of Shtokman Development to assess the current situation about gas market and Shtokman plans. The meeting outcome is the following: SDAG takes an investment decision in March 2011; a decision on LNG production is to be taken till the end of 2011. Thus, gas extraction will start in 2016, LNG production has to wait till 2017, informs ITAR-TASS The decision to delay Shtokman was caused by changes in the market situation and specifically in the LNG market.

Previously it was reported that the investment decision should be taken in the end of 2010, the launch of the project was expected in 2013, LNG production – in 2014.

Gazprom is currently preparing a feasibility evaluation of an oil-processing plant construction till the end of 2010, said Aleksander Mandel, director general of Gazprom Neft Shelf, reports Regnum The plant capacities target own resources of Gazprom, though it is now being discussed to include other companies like Lukoil.

Norwegian Statoil and French Total do not discard the project despite its another postponement, reports Reuters

Shtokman field is located in the centre of Barents Sea shelf. The deposits under category C1 count up 3,8 trillion m3 of gas and 53,3 million tons of gas condensate. Shtokman partnership is divided between Gazprom (51%), Total (25%), and Statoil (24%). The project partners initiated Shtokman Development AG in order to manage the first phase of the project for projecting, development, construction and finance.

Source: www.barentsnova.com