Gazprom Adds New Waters To The Shtokman License

March 1, 2012
Gazprom pays 981.7 million RUB (€25 million) for the license rights over an area located to the west of the current Shtokman field license. The new license, which was offered by the Russian Mineral Development Agency (Rosnedra), includes parts of the Shtokman field resources, RIA Novosti reports. With its 3.9 trillion cubic meters of reserves, the Shtokman field is considered one of the biggest offshore gas fields in the world.

The gas company’s expansion of the Shtokman waters was reportedly approved by the federal government in a meeting 6 February this year.

From before, Gazprom controls the main Shtokman field license through its subsidiary Gazprom Dobycha Shelf.

The huge gas field will be developed by the Shtokman Development AG, a joint venture of Gazprom, Total and Statoil. After a number of postponements, the Shtokman partners now maintain that the project final investment decision will be taken in March this year.

The main intriguing issue for the field partners now is a much-expected tax break, seen as a prerequisite for a profitable field development.

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