Shtokman Investment Postponed Until March

The final investment decision (FID) on the major gas field Shtokman in Russia has been delayed until March, the Shtokman Development AG (SDAG) Board of Directors decided yesterday.

The decision was arrived at at a regular meeting held in Moscow yesterday, 29 December. The shareholders at the meeting said that, despite good progress at the meeting and for the year of 2011, they had decided to postpone to delay the decision to ensure that all the conditions needed to make a good decision were made.

SNAG says that the revised March deadline is necessary given the "importance and size" of the Shtokman project.

"Shtokman is a strategic project for all of the partners," Alexey Miller, President of the SDAG Board of Directors and Chairman of the Management Committee of Gazprom said. "In this context the FID must be well prepared taking into account scale and complexity of the Project. The shareholders and SDAG are determined to continue their good and close cooperation."

Gazprom is the majority stakeholder in the Shtokman project at 51 per cent. Total holds a 25 per cent stake in the project and Statoil holds a 24 per cent stake.