Statoil expected to submit Shtokman proposal to Gazprom

Apr 08, 2005 02:00 AM

Norwegian oil and gas company Statoil agreed to present a plan for the development of a $ 10 bn Barents Sea gas project, Russian gas monopoly Gazprom said.
At a meeting at Gazprom's Moscow headquarters, Gazprom CEO Alexei Miller and Statoil CEO Helge Lund discussed gas production from the Barents Sea's Shtokman gas field, the construction of a LNG plant and LNG deliveries to the US market.

The two companies also discussed Gazprom's possible participation in Statoil's "Snow White" LNG project, and the use of Statoil's regasification facilities in the US. The next meeting of the two companies is scheduled for mid-May.
The race for Shtokman has heated up after Gazprom said in February that it wants to form the international consortium to develop the field by the middle of this year.

In addition to Statoil, Gazprom is also holding talks with ChevronTexaco, Norway's Norsk Hydro, ConocoPhillips, ExxonMobil and Shell.
All the companies, including Statoil, are vying for an equity stake inthe project and the field, which holds around 3.2 tcm.

Source: Dow Jones
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