Gazprom and Total sign a framework agreement for cooperation in Shtokman development

Source: www.gulfoilandgas.com 7/13/2007, Location: Asia

Gazprom and Total have signed a Framework Agreement for Cooperation in the Development of the First Phase of the Shtokman Gas Condensate field. In accordance with the Agreement, the parties will set up a Special Purpose Vehicle (SPV) to organize the design, financing, construction and operation of the Shtokman phase one infrastructure. The SPV will own this infrastructure for 25 years from field commissioning.

Gazprom will have a 75% participating interest in the SPV and Total will have 25%. Upon completion of phase one operations, Total will transfer its share to Gazprom.

The Agreement provides for the possibility for other foreign partners to join the project up to a 24% participating interest at the expense of the Gazprom’s share.

Gazprom owns 100% of the Shtokman license holder (OOO Sevmorneftegaz). It will also retain all hydrocarbons marketing rights.

The first phase of development is intended to produce 23.7 BCM/year of natural gas. Deliveries of pipeline gas are expected to commence in 2013 and the first LNG will be delivered in 2014.

The relationship between the SPV and OOO Sevmorneftegaz will be based on a contract under which the SPV will bear all financial, geological and technical risks related to the production of gas, condensate and LNG.

An agreement has been reached to start joint project implementation activities already in July 2007.


Russia >>  5/12/2022 - Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij – subsidiaries of Shell plc – have signed an agreement to sell Shell Neft LL...
Russia >>  4/27/2022 - As of the end of the working day on April 26, Gazprom Export did not yet receive from Bulgaria's Bulgargaz and Poland's PGNiG payments for the gas sup...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.