Gazprom, Total and StatoilHydro Tuesday said they have signed an agreement to form Shtokman Development AG for phase one of the Shtokman field.
Gazprom holds a 51% stake in Shtokman Development AG while Total holds 25% and StatoilHydro a 24% stake. The company is registered in Switzerland.
Shtokman Development AG will be organizing the project engineering, development, construction, financing and exploitation of first phase facilities related to the development of the Shtokman field.
The partners also indicated that front end engineering design (FEED) for the project has commenced, and will be finished in the second half of 2009 allowing a final investment decision to be made.
Among other things, Russian and international subcontractors for FEED studies have already been identified and a site has been chosen for the technical and transportation complex near Teriberka in the Murmansk region.