Project Company
The license to explore for and produce gas and condensate on the Shtokman field is owned by Russian company Gazprom Shelf Dobycha (formerly Sevmorneftegaz), a wholly owned subsidiary of Gazprom. Gazprom Shelf Dobycha is a sole customer for the design and construction of the field infrastructure, including a production complex, a pipeline network and an LNG plant, and has all marketing rights for hydrocarbons of the Shtokman field. Shtokman Development AG was to bear all financial, geological and technical risks related to the production activities. Gazprom owned 51% of shares in Shtokman Development, while Total had 25% and Statoil 24% of shares. Head of the company was Yury Komarov. Shtokman Development was to own infrastructure for 25 years from field commissioning. Upon completion of phase one, Total and Statoil should transfer their shares in Shtokman Development AG to Gazprom.
Read more about this topic: Shtokman Field
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