MOSCOW, October 25 (RIA Novosti) - Russian energy giant Gazprom [RTS: GAZP] and Norway's StatoilHydro have agreed on jointly developing the Shtokman gas field in the Arctic, the press office of the Russian president said on Thursday.
The natural gas monopoly has so far invited France's Total to take part in the ambitious $30-billion project to develop the gas field in the Russian sector of the Barents Sea, with estimated gas reserves of 3.7 trillion cubic meters. The field will supply the Nord Stream pipeline from Russia to Germany, being built under the Baltic.
Following accords reached between the two energy companies, Russian President Vladimir Putin spoke on the telephone with Norwegian Prime Minister Jens Stoltenberg, and expressed his hope that Russian-Norwegian cooperation through the large-scale project would provide a boost for bilateral ties in other areas, the press office said.
Under a July deal with Gazprom, Total has a 25% stake in the project, with the Russian state-controlled company holding 75%. Gazprom's share is expected to shrink to 51% now that a third partner has emerged.
