Looking for a specific product?

Make a search for products & suppliers, articles & news.

Statoil exits Shtokman

The Norwegian oil major has given up its 24 percent stake in the Shtokman Development AG.

Gazprom is now taking over the SDAG stake, a source in the company informs. Statoil CEO Helge Lund has already exited the SDAG Board of Directors, Interfax reports.

According to the SDAG source, Statoil can not expect to get returned any of its multi-million investments in the project, Gazeta.ru reports. According to estimates, the three partners of the SDAG have spent a total of $1.5 billion on project preparations.

It remains unclear what will happen with Total, the third SDAG partner. As previously reported, the French oil major still has a major interest in the project and appears ready to continue its cooperation with Gazprom.

The SDAG shareholder agreement expired on 1 July. A new shareholder agreement will include new stakeholders, among them quite likely Shell.

After months of speculations about the fate of the grand Arctic gas project, Statoil’s decision does hardly come as a surprise. As previously reported, Statoil has for a long time been in doubt about its role in the project, and has expressed discomfort both with cost estimates and development models. The company has also stressed that the project will need tax breaks from federal authorities if it is to be economically viable.

Statoil’s exit from the project can still be considered a milestone in the company’s history. The company worked hard for its 24 percent stake, which it successfully obtained in 2007. As a matter of fact, several analysts believe the merger between Statoil and Hydro, the two main Norwegian oil producers, was triggered by both companies’ desire for a Shtokman stake. The merger took place on 1 October 2007, just three weeks before the merged StatoilHydro got the stake.

The decision to leave the Shtokman project will however not result in a down-scale of the Norwegian company’s activity level in the Barents Sea. The company has successfully discovered several new fields on the Norwegian side of the energy-rich ocean, and a new partnership agreement with Rosneft secures a significant and long-term engagement  also in the Russian part.

As a matter of fact, Statoil might have more than enough other activities and plans in the Norwegian-Russian Arctic. The troublesome partnership with Gazprom and the long-dragged and unclear processes with the Shtokman project might in the end have felt more like a burden than an asset for the Norwegian oilmen.

Associated companies:


Related news

Latest news

Industry's preferred pipeline standard gets update by DNV GL

A number of requirements related to linepipe fabrication,

Servogear Hybrid CPP for the World’s First Hybrid Catamarans in Commercial Traffic

Norled AS is one of Norway’s largest ferry and express boat operators. 

CMR is helping companies in Hordaland with research-based innovation

CMR has won a contract with Hordaland county council as competence broker. The contract is part of the Research-based Regional Innovation (FORREGION) scheme.

ISO to release final draft of ISO 45001 – Occupational Health & Safety

The ISO 45001 Final Draft International Standard (FDIS) is scheduled to be released for review on November 30. In case of a positive vote the standard is expected to be published in February 2018.

DNV GL helps reduce cost of compliance with innovative approach to independent verification of oil and gas assets

Verification surveys applying remote witnessing involve equipping a technician onsite with hardware (a camera or smartphone) and dedicated software which enable remote...

Renewables exports are increasing, but more rapid growth is required

Reorientation among oil and gas suppliers boosted international sales of renewable energy equipment and services by Norwegian companies, writes Ivar Slengesol, Director of Industry and Clean Technologies at Export Credit N...

The world’s most modern wellboat

The wellboat Ronia Diamond was characterised as the “most modern wellboat the world has seen” during her christening in Bergen on 23 September.

Joint industry collaboration to boost offshore and marine sector with Additive Manufacturing (3D printing), Drone and Digital Twin technologies

DNV GL, A*STAR’s Singapore Institute of Manufacturing Technology (SIMTech) and National Additive Manufacturing Innovation Cluster (NAMIC) ...

DNV GL line optimization brings ten per cent fuel savings for Hapag-Lloyd Cruises’ new expedition cruise vessels

“The design concept for the two new ships was ‘inspired by nature’,” says Dr. Henning Brauer,