Total Confirms Shtokman Delay

Speaking to journalists at last week's World Gas Conference, the Total leader underlined that it will take five years to develop the project, the website of the Petroluem Economist reports.

That means that the Shtokman field development inevitably will be delayed. Gazprom has on numerous occasions stressed that there will be no delays in the project, although independent experts long have argued that it will be impossible to start production already in 2013.

Mr. de Margerie also confirmed that that gas prices must increase if the huge project is to become economically viable. -It is "definitely" not economic at $3/m Btu, he said to the reporters.

According to the Petroluem Economist, the Total leader also said that the three partners in the Shtokman Development AG have “a good idea of how they would develop the field, but have yet to calculate the scheme's probable cost.

"That is what we have to do over the next 12 months," he said.

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