Gazprom, Total Discuss Shtokman Cost Reduction (Russia)

Gazprom hosted a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Christophe de Margerie, Chairman and CEO of Total on March 28.

Apart from focusing on the Bolivian operations, the meeting also addressed the prospects for joint implementation of the Shtokman project and the possibility of reducing capital and operational costs. An agreement was reached to prepare a Roadmap with a view to signing a new Agreement on project implementation.

The Shtokman gas and condensate field development project is of strategic significance for Gazprom. The project implementation will become a pivotal point to form a new gas producing region on the Russian Arctic shelf.

The Shtokman field will become a resource base for building up Russian pipeline gas and liquefied natural gas (LNG) supplies to the domestic and foreign markets.

March 29, 2013

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