Norwegian oil and gas group Statoil ASA (STL.OS) is still committed to
the deadline for the final decision to proceed with the first phase of Shtokman
natural gas extraction project in Arctic Russia, planned by end March 2011, it
said Friday.
"Statoil is committed to the schedule agreed in the Board of Directors of
Shtokman Development AG. We will continue to support Shtokman Development AG
and work with our partners with the intention of making a final investment
decision for piped gas by end of the first quarter 2011," Peter Mellbye,
Executive Vice President for International Exploration & Production, said.
The comments come in response to a Dow Jones Newswire interview Thursday with
French oil major Total SA's (TOT) Chairman and Chief Executive Christophe de
Margerie, who said the final decision to proceed with the first phase of
Shtokman could be delayed.
The project "is becoming tricky, it's a difficult project," de
Margerie said. "I don't know yet if dates can be respected," he also
said, referring to the Final Investment Decision, or FID, dates for the
project: end of March next year for the gas pipe part of the first phase and
end of 2011 for the liquefied natural gas part.
Total is part of the Shtokman consortium, along with
Russia
giant
Gazprom OAO (GAZP.RS) and
Norway
's
Statoil SAS (STL.OS).
De Margerie dismissed the current weakness in gas prices as the reason for a
potential delay but rather blamed the climate and environment conditions in the
region.
"Of course I still think Shtokman should go ahead," said De Margerie,
noting that all three of Statoil's, Gazprom's and Total's CEOs were sitting at
the consortium board. "That shows the importance of the project."