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Gazprom, Total and StatoilHydro Create Shtokman Development Company for the Shtokman gas field

Source: www.gulfoilandgas.com 2/22/2008, Location: Asia

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Gazprom,Total S.A., and StatoilHydro signed a Shareholder Agreement relating to the creation of Shtokman Development AG. Gazprom holds a 51% stake in Shtokman Development AG while Total holds 25% and StatoilHydro 24% shares. The company is registered in Switzerland.

Shtokman Development AG will be organizing the project engineering, development, construction, financing and exploitation of first phase facilities related to the development of the Shtokman field.

The partners also indicated that front end engineering design (FEED) on the project has commenced, and will be finished at the second half 2009 allowing a final investment decision to be made. Among other things, Russian and international subcontractors for FEED studies have already been identified and a site has been chosen for the technical and transportation complex near Teriberka in Murmansk Region.

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