Gazprom chooses Total for gas project
Shtokman lies in the Russian portion of the Barents sea
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Thursday, 12, Jul 2007 01:00
Russian gas giant Gazprom has chosen oil firm Total as its chief partner in its upcoming gas field project in the Barents sea.
Under the terms of the deal, expected to be signed later this week, French company Total will own a 25 per cent share in the Shtokman gas field venture.
"Gazprom has decided on a foreign partner for the implementation of the first phase of developing the Shtokman field: it is the French company Total," said Gazprom chief executive Alexei Miller.
An additional 24 per cent stake in the project is also available, with Gazprom owning the remainder.
Shtokman is regarded as one of the world's last untapped offshore gas reserves.
It is thought that its 3.2 trillion cubic metres of gas could supply western countries with enough energy to last three years.
Gazprom, which has a monopoly on gas supplies in Russia, is already the world's largest manufacturer of natural gas.