Shtokman field

Encyclopedia : S : SH : SHT : Shtokman field

The Shtokman field, one of the world's largest natural gas fields, lies in the Russian portion of the Barents Sea, 600 km north of Kola Peninsula. Its reserves are estimated at 3.2 trillion m³. The sea depth in the area averages about 350 m.

Natural gas reserves were discovered in 1988, but the field was not developed owing to extreme arctic conditions and the depth of the sea.

Two Russian companies hold licenses to develop Shtokman: Sevmorneftegaz (a subsidiary of Rosneft) and Gazprom.

In September 2005, Gazprom selected five companies - Statoil and Norsk Hydro from Norway, Total from France and Chevron Corporation and ConocoPhillips from the US - as finalists in a search for partners to develop the field. The development costs are estimated at USD15 billion to USD20 billion.

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