Russian President Vladimir Putin urged partners in the Gazprom-led Shtokman project to make a final investment decision on its plan to extract gas from the Arctic seabed, delayed by years of talks over financing. Sources earlier on Friday said Royal Dutch Shell may join the initiative in an attempt to inject new life into the venture, while another source said the future participation of Norway's Statoil is in doubt.
Located in the freezing and stormy waters of the Barents Sea, the Shtokman gas field is one of the world's largest with enough gas to supply the whole world for a year. However, the project has been mired in painstaking talks over billions of dollars of investment, timing and the make-up of the consortium. Its backers have been unable to reach a final decision to make investments that at the initial stage could total $15 billion.
"So far, there has been no final decision on Shtokman, but we have to move actively," Putin said, speaking at his residence in Novo Ogaryovo, adding that a decision could be taken during an international economic forum in St Petersburg in June. Putin is actively involved in Russia's energy policy, the most significant sector for the oil-rich country, and is taking a close interest in Shtokman.
Gazprom's chief executive Alexei Miller confirmed that new partners were being sought for the project, although he did not say if Shell would join. Gazprom, the world's largest gas producer, has a controlling stake of 51 percent in Shtokman which has reserves of almost 4 trillion cubic metres.
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