OAO Gazprom (GAZP.RS) could delay the development of its flagship Shtokman gas field in the Artic for "a future generation," a deputy chairman of the state gas giant's board was quoted as saying Friday.
OAO Gazprom (GAZP.RS) could delay the development of its flagship
Shtokman gas field in the Artic for "a future generation," a deputy
chairman of the state gas giant's board was quoted as saying Friday.
"The board will decide what to do with Shtokman next week. I don't rule
out that the field will be developed by a future generation. We'll see how the
market changes," Andrei Kruglov said, Interfax news agency reported.
Gazprom last year said it was shelving the Arctic project, which it had
intended to develop with
Norway
's
Statoil ASA (STO) and
France
's
Total S.A. (TOT), as the estimated costs were too high. Gazprom had intended to
send gas from Shtokman to the
U.S.
, but
such supply is no longer needed because of booming shale-gas production there. Demand
in Gazprom's key European market has also dipped in recent years.
Mr. Kruglov said, however, that the South-Kirinskoye field off
Sakhalin
island in the
Pacific Ocean
has similar reserves to the
giant Shtokman field, and is much closer to the lucrative Asia-Pacific market.
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