MOSCOW, November 15 (RIA Novosti) - The management of Russian energy giant Gazprom [RTS: GAZP] approved on Thursday a draft investment plan for the Shtokman gas field in the Russian sector of the Barents Sea.
"The Gazprom Management Committee approved an investment framework for the Shtokman project and we will now proceed to the next stage - the Shtokman investment strategy," Management Committee member Vlada Rusakova said.
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
Gazprom has a 51% stake in the project, while France's Total and Norway's StatoilHydro have 25% and 24%, respectively.
Gazprom's press office said a company to develop the Shtokman gas field will be established by December 20.
"A decision has been made to set up a special company before December 20 this year. The company's governing bodies will also be established during this period," the press office said.
