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Gazprom Welcomes Partners To Develop Gas Offshore

Gazprom said Thursday that Norwegian oil giant Norsk Hydro ASA would participate in the development of a huge...

Gazprom Welcomes Partners To Develop Gas Offshore

Russian natural gas monopoly Gazprom said Thursday that Norwegian oil giant Norsk Hydro ASA would participate in the development of a huge offshore Shtokmanov gas field in the Barents Sea.

On Thursday Gazprom?s CEO Alexei Miller met with Norsk Hydro Chief Executive Eivind Reiten, who proposed various ways to cut costs at the $10 billion project.

The project would include building a LNG plant, a fleet of LNG tankers, an offshore platform and an underwater pipeline to the shore.

The Shtokmanov field is estimated to hold 3.2 trillion cubic meters of natural gas. Some world oil majors have also expressed interest in the project, these are: US company ConocoPhillips Corp., Norwegian Statoil ASA and French Total S.A.

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