August 22, 2012
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№ 9 (September 2009)

Shtokman Investment Decision Postponed Again

Gazprom CEO Aleksei Miller says that the Shtokman investment decision expected in March 2010 will be postponed again, this time for yet another three months.

By Lyudmila Zatsarnaya, Murmansk

 

By Lyudmila Zatsarnaya

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Gazprom CEO Aleksei Miller says that the Shtokman investment decision expected in March 2010 will be postponed again, this time for yet another three months.

 

The postponement is the fourth since early 2008 when shareholders in the project created Shtokman Development AG to function as operator. “The project is at the stage when a final investment decision will be taken. We figure that this final decision will be made in first half-year 2010,” Miller said at the plenary session of the First International Economic Forum in Murmansk on October 15.

 

A decision by the partners – Gazprom, Total and Statoilhydro – to commit financially to developing the project has been delayed repeatedly, in part by the world-wide economic recession. However, the tender process has continued and sources told Oil&Gas Eurasia this week that the formal declaration that the investment will be made is more about form than substance.

 

Yuri Kamarov, CEO of Stokman Development AG, was quoted as stating publicly at the same Murmansk Economic Forum that the the Stokman project is “proceeding according to plan,” according to the website www.barentsobserver.com.  By that Karmarov means that Stokman’s partners are still on track to ship first LNG in 2014.

 

Issues that are being discussed behind closed doors relate more to how overall risks in the project will be shared among the partners, considering who has invested what money so far, and the effect that the economic downturn is having on each partner’s overall corporate financial capabilities to provide cash.

 

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