Total wants 25 percent of Shtokman

Publish date: October 11, 2005

"We intend to get a 25 percent stake of the Shtokman project," says Menno Gruvel, head of French oil major Total's Europe and Central Asia department.

Total offers Gazprom parts of stakes in three other projects in return for a stake in Shtokman. At least one of these projects is outside Russia. Also the Norwegian bidders Statoil and Hydro have expressed their interest in a 20 to 25 percent stake in Shtokman. The two US bidders Chevron and ConocoPhillips have not revealed their plans for the Shtokman project, RusEnergy informs.

A total of five foreign companies were put on Gazprom’s short-list for the huge Shtokman gas project in the Barents Sea in August this year. Gazprom is expected to make a final decision on which companies to include in the project this autumn.