News, Oil & Gas

Total stays on at Shtokman

French oil major Total has no plans to sell its shares in the Shtokman Development AG.

Talking to journalists during a recent conference, Total CEO Christophe de Margerie clearly stated that his company does not intend to sell its 25 percent stake in the SDAG, Prime.ru reports.

Meanwhile, field licenseholder Gazprom this week reiterated that it is considering to invite other companies into the project. As previously reported, Shell is believed to be among Gazprom’s preferred partners in the project.

After Statoil pulled out of the project, Gazprom controls 75 percent of the SDAG.

Major uncertainties have surrounded the huge gas project in the Barents Sea following Gazprom officials’ statement in late August about the development costs being too high for the project to be developed at the current stage. However, at the same time, the company leadership continues to work with the project plans, and President Vladimir Putin in October this year said that the development of the project will start “before 2017”.

Representatives of the SDAG last month told BarentsObserver that “Gazprom has no plans of stopping this project”.