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Shtokman Directors Approve Way Forward on Shtokman

Source: www.gulfoilandgas.com 2/6/2010, Location: Asia

Today in Zurich Shtokman Development AG Board of Directors has been held. The project partners – Gazprom, Total and Statoil – reviewed the significant progress made by the project team towards Final Investment Decision (FID).

Acknowledging changes in the market situation and particularly in the LNG market, the Board of Directors has decided to single out the Startup Facilities including the offshore production facilities, pipeline to the shore and onshore gas treatment unit into a separate stage within Phase 1.

The FID on pipeline gas is planed to be taken in March 2011, and the FID on LNG before the end of 2011. According to the shareholders’ opinion this will allow for pipeline gas production start up in 2016 and LNG in 2017.

The partner companies expressed confidence in the project importance and necessity and their strong willingness to actively continue working on its joint implementation.

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