Gazprom Cuts Investments on Shtokman to Up Development in Yamal

Russian energy major Gazprom confirms that it will cut 2008 spending on the Shtokman field in the Barents Sea by about 10 percent, while it will increase investments in the Bovanenkovskoe field in the Yamal Peninsula, reported the Barents Observer.

Gazprom now says it plans to invest 14.7 billion RUB (400 million EUR) in Shtokman compared with an earlier planned 16.2 billionRUB, Reuters reports with reference to Interfax.

Meanwhile, Gazprom will up investments in the development of the Bovanenkovskoe field in Yamal by 10 billion RUB to around 105 billion RUB.

While production start at the the Bovanenkovskoe field is estimated for 2011, the Shtokman field is to be in production from 2013.