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The French company Total has become a partner of Gazprom in the development of the Shtokman gas field
The French company Total has become a partner of Gazprom in the development of the Shtokman gas field, getting a 25 percent stake in a special company that will own the infrastructure of the first phase of the development project. Gazprom’s acting chairman of the board of governors Alexander Ananenkov, Sevmorneftegaz’s chief Yuri Komarov and Total’s CEO Christophe de Margerie signed the partnership agreement in Moscow on Friday. The planned gas output at the first phase is 23 billion cubic meters, or 1 percent of the Shtokman deposit’s reserve of 3.7 billion cubic meters. Gazprom will be the holder of the license for the development of the gas field and the owner of extracted gas. The Russian monopolist does not rule out that foreign partners will join the special company. “A possibility of attracting one or several foreign partners with a 24 percent stake at the cost of reduction of Gazprom’s participation is envisaged,” Gazprom’s chief Alexei Miller said on Thursday. The US’ companies Chevron and ConocoPhillips, and Norway’s Statoil and Hydro had contended for the development of the Shtokman gas field. Miller said Gazprom would have a 51 percent stake in the special company and 100 percent of shares of the company holding the license for the gas field. The transportation of gas through pipeline is to beging in 2013. The Stockman gas field is to become in prospect a main resource base of the North Stream joint project of Gazprom and the German companies Wintershell and E.ON.Ruhrgas. The project includes production of liquefied gas that could be supplied to the US market. The gas field is situated in the Barents Sea. Its reserves are 3.7 trillion cubic meters of gas and 31 million tons of gas condensate. Investment in the development of the Shtokman gas field was 17 billion roubles in 2007.
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