RIA Novosti: Gazprom Still Undecided on Shtokman Arctic Field

Russian energy giant Gazprom avoided making a final investment decision Tuesday on the giant Shtokman field in the Arctic amid falling European demand and cheap shale gas in the United States.

The energy giant’s board of directors said in a statement on Tuesday that Gazprom would continue optimizing the Shtokman project in the Barents Sea, with plans to complete design and exploration work for maritime facilities and a seaport with LNG storage capacity by late 2013 or early 2014.

Gazprom will also submit the Shtokman documents for intra-corporate, state and environmental expert study, and continue designing coastal facilities, the statement said.  MORE