According to Yuri Komarov, Chief Executive of Shtokman Development AG, contracts will be finanlized in time for an investment decision for the massive Shtokman field, which lies offshore Russia in the arctic waters of the Barents Sea, reports Dow Jones.
Speaking at a natural gas conference in Berlin, Komarov confirmed that said contracts will be put into place so that the Shtokman consortium will be able to tag a final investment price during the first quarter of 2010, the report noted.
Estimated to hold 3.8 trillion cubic meters of gas and 37 million tons of gas condensate, Shtokman is being developed by a consortium consisting of Gazprom (51%), Total (25%) and Statoilhydro (24%).
On the company's website, Gazprom noted that the Shtokman gas and condensate field will become a major resource base for Russian pipeline gas as well as liquefied natural gas (LNG) exports to the Atlantic Basin markets. Phase I natural gas and LNG production from the field is expected to commence via pipeline in 2013 and 2014, respectively.
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