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November 10, 2007
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Home / Issue Archive / 2007 / July #7 / Total to Receive 25% of Shtokman Gas

№ 7 (July 2007)

Total to Receive 25% of Shtokman Gas

France's Total will receive 25 pct of the output from the first stage of the Shtokman offshore natural gas project it operates together with OAO Gazprom in the Barents Sea, sources told Kommersant.

They added that the French oil major will also have 'wide powers' to participate in the management of the project.

According to an analyst quoted by Kommersant, Total will pay around 800 mln usd for its share of the output.

A Gazprom executive told the daily that this figure was 'close to the

truth.'

Total officials could not be reached for immediate comment on the matter.

Future production during the first stage of the project, which is due to start in 2013, is estimated at 23.7 bln cubic metres per year, Gazprom CEO Alexei Miller said earlier.

The gas field is believed to hold a total of 3.7 trn cubic metres of gas and the cost of the project is estimated at around 20 bln usd.

Kommersant said that the conditions for participating in the project due to be offered to Norway's Statoil (nyse: STO - news - people )-Hydro and to US energy major ConocoPhillips (nyse: COP - news - people ) will not be as attractive as for Total.

Gazprom and Total signed a deal last month to develop the Shtokman field jointly, following a telephone conversation between Russian President Vladimir Putin and French President Nicolas Sarkozy.

Source: Forbes

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