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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