Member access

4-Traders Homepage  >  Shares  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  Rosneft' NK OAO    ROSN   RU000A0J2Q06



Statoil May Leave Shtokman, May Be Replaced By Shell -Paper

05/25/2012 | 01:22am US/Eastern

Norway's Statoil ASA (STO) may leave the international consortium that is to develop the Shtokman liquefied natural gas offshore project in the Russian Barents Sea and may be replaced by Royal Dutch Shell PLC (RDSA), Kommersant daily reports Friday citing unnamed sources.

Russian gas giant OAO Gazprom (>> Gazprom OAO) owns 51% of the Shtokman gas field, Total SA (TOT) of France owns 25% and Statoil owns 24%.

The project has suffered a number of delays on the investment decision recently.

A Gazprom official said Wednesday the company may review the list of participants in its project to develop the Shtokman field next month. According to Kommersant the changes may be announced at the St. Petersburg economic forum in late June.

If Statoil leaves the project, it would still have a foothold in Russia. The company agreed May 5 to form a joint venture with Russia's state-controlled oil company OAO Rosneft (>> Rosneft' NK OAO) to develop Russia's mostly untapped offshore energy resources in the Arctic.

Gazprom and Shtokman declined to comment.

A Statoil spokesman also declined to comment but said the company "supports Gazprom, and there was agreement in the previous board meeting to move on with the project to make it profitable."

-By Alexander Kolyandr, Dow Jones Newswires; (Kjetil Malkenes Hovland in Oslo contributed to the report)

Stocks mentioned in the article : Rosneft' NK OAO, Gazprom OAO
Recommend :
React to this article
Latest news on ROSNEFT' NK OAO
1d agoDJRussia's Foreign Minister Sergei Lavrov Warns Ukraine--Update
04/17 Eurasia Drilling Q1 sales down on rouble, restructuring
04/15 BP : head says Russian business unaffected by sanctions
04/12 NOVATEK : Billionaire Russian gas trader says U.S. sanctions a badge of honor
04/11 ROSNEFT' NK : Russia says any oil-for-goods deal with Iran would follow U.N. rul..
04/10 BP : says can act as bridge between Russia and West
04/08 ROSNEFT' NK : Rosneft CEO's son Ivan joins company's offshore division - paper
04/02 ROSNEFT' NK : Rosneft Acquires Orenburg Drilling Company
03/31 BP : appoints new head of Russia
03/25 Russia's Rosneft, India's ONGC may join forces on oil flows
Dynamic quotes