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Wednesday, November 14, 2007

StatoilHydro to specify Shtokman gas field investment in 2 years

MURMANSK, November 14 (RIA Novosti) - Norway's StatoilHydro, which holds a 24% stake in the Shtokman gas field in Russia's Arctic, said on Wednesday it will specify its investment in the project within two years. Russia's state-controlled natural gas giant Gazprom and StatoilHydro agreed on October 25 on the joint development of the Shtokman gas and condensate deposit in the Russian sector of the Barents Sea. Under the deal, StatoilHydro has a 24% interest, while France's Total and Gazprom have 25% and 51%, respectively. Per Kjaernes, the Norwegian company's manager in Russia, said: "So far, we have not carried out preparatory work and have not drafted a detailed plan to calculate the project's investments. StatoilHydro will be able to specify its investment in the project in two years." The ambitious project to develop the Arctic gas field, with estimated gas reserves of 3.7 trillion cubic meters, is intended to supply the Nord Stream pipeline from Russia to Germany, being built under the Baltic Sea. The Shtokman project cost is estimated at $30 billion

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