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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.