StatoilHydro Became Gazprom's Partner in Shtokman Project

StatoilHydro has signed a frame agreement with Russia's Gazprom to become partner in the development of the giant Shtokman gas field in the Barents Sea.

The agreement gives StatoilHydro a 24% equity interest in Shtokman Development Company where Gazprom (51%) and French Total (25%) are the two other partners.

"This agreement represents an opportunity for StatoilHydro to participate in the development of Shtokman phase 1,” says Helge Lund, CEO of StatoilHydro.

“We are looking forward to cooperating with Gazprom and Total to realise this frontier project.”

“The agreement signed today will open a new page in our cooperation with the merged StatoilHydro,” says Alexei Miller, chair of Gazprom. “We have giant reserves of gas in the Barents Sea, while our partners from Norway have good experience in production and transportation of gas in harsh Arctic conditions. Our joint efforts will be the keystone of success in the Arctic.”