Gazprom Deputy Aleksandr Medvedev admits that the final investment decision in the Shtokman project has been postponed, but still maintains that the time schedules for the production launch remain unchanged. With his statement made in London yesterday, Mr. Medvedev is on collision course with the Shtokman Development AG, the Gazprom-controlled company in charge of the development of the huge Arctic gas field.
As BarentsObserver reported Friday, the Shtokman Development AG has decided to postpone not only the final investment decision, but also the very launch of the project. The company, which is owned 51 percent by Gazprom, 25 percent by Total and 24 percent by Statoil, now schedules the first part of the project launch in 2016. A press release on the issue is also posted on Gazprom's website.
Aleksandr Medvedev however maintains that the project, despite the delays in the investment decision, can be developed in line with former schedules, Reuters reports. That implies a startup of the pipeline part of the project in 2013 and the launch of the LNG exports in 2014 In his speech in London, Mr. Medvedev also said that the first development phase of the project will be more expensive than previously estimated.
Gazprom believes the development costs for the first phase of the Shtokman project will be up to 30 percent more expensive than former estimates. While the development costs earlier were estimated to 15 billion USD, the new estimates are now up to 19,5 billion USD, RBK.ru reports.