Shtokman Postponed

abarrelfull wrote on 10 Feb 2010 10:18
Tags: gas gazprom natural shtokman statoil total

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The current Natural Gas surplus is impacting on everyone, and even the mighty Gazprom is not excluded.

Russia's gas export monopoly Gazprom said on Friday it had agreed with Total and Statoil to delay the giant Shtokman gas field by 3 years due to major changes in the global gas markets.

The reason is that the USA, which was to be a major customer, is swimming with Natural gas.

In typical Gazprom style, their press release is obscure to those who do not have previous knowledge of the project.

The FID on pipeline gas is planed to be taken in March 2011, and the FID on LNG before the end of 2011. According to the shareholders’ opinion this will allow for pipeline gas production start up in 2016 and LNG in 2017.

It is only when one compares and contrasts earlier statements, that the difference is noticed.

Deliveries of pipeline gas are expected to commence in 2013 and the first LNG will be delivered in 2014.

In the battle for gas market share, this is something of a setback for Gazprom, though they have been working hard to replace their own gas with that coming through Russia from other countries.

Information on the Shtokman field can be found here shtokman-gas-field

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