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Total wants Gazprom to relaunch Shtokman with new technologies

June 16, 2014, 14:20 UTC+3 MOSCOW
Gazprom and Total are continuing feasibility studies of the field but have not found a profitable way to develop Shtokman
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Stockman drilling platform in the Barents Sea (archive)

Stockman drilling platform in the Barents Sea (archive)

© ITAR-TASS/Gazprom press service

MOSCOW, June 16./ITAR-TASS/. France’s Total has offered Russia’s Gazprom reconsidering the launch of the Stockman gas project, which was suspended indefinitely, using new technologic solutions, Michael Borrell, senior vice president of exploration and production for Continental Europe and Central Asia, said Monday at the World Petroleum Congress.

Gazprom owns 75% in the operator Shtokman Development, while France’s Total owns 25%. Shtokman, with the risk of high waves, bitterly cold weather and huge icebergs, requires an initial investment of $15 billion.

Gazprom and Total are continuing feasibility studies of the field but have not found a profitable way to develop Shtokman. Total has already written off its $350 million investment in the project.

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