Gazprom, Total and StatoilHydro form Shtokman development company

Offshore Staff

PARIS -- Gazprom, Total, and StatoilHydro have signed a shareholder agreement for the creation of Shtokman Development AG for phase one of the Shtokman field.

Gazprom holds a 51% stake in Shtokman Development AG while Total holds 25% and StatoilHydro a 24% stake. The company is registered in Switzerland.

Shtokman Development AG will be organizing the project engineering, development, construction, financing, and exploitation of first phase facilities related to the development of the Shtokman field.

"This strategic partnership of our companies brings together long experience, vast resources and advanced technologies that are fundamental to the success of this unique project, which will guarantee reliable and long-term gas supplies for European consumers," says Alexey Miller, chairman of Gazprom's management committee. "The establishment of the Shtokman Development company marks the starting point in the realization of the development of the Shtokman field."

02/21/2008