Dec. 2012 - Design and exploration work is underway for Phases 2 and 3 of Gazprom's Shtokman development in the Russian sector of the Barents Sea. Front-end engineering and design is coming to an end and engineering surveys are in the final stages. Project documentation outlining operational and environmental details is being prepared in compliance with Russian standards. The documentation will be submitted for regulatory approval in 2013. Shtokman is estimated to contain 134 trillion cubic feet of gas and 56 million tons of condensate.

Aug. 2012 - Statoil reported that it has divested its 24 percent stake in the consortium developing the Shtokman gas field after the agreement lapsed, but the company remains interested in the project. The initial agreement, in which Russia's OAO Gazprom held a controlling 51 percent stake and France's Total SA 25 percent in the consortium, expired at the end of June with the three companies failing to agree on technical and financial plans to develop the massive gas field.

Jun. 2012 - Gazprom has been seeking to develop Shtokman, one of the world's largest natural gas fields, since the early 1990s, and after several attempts has put together a consortium comprising Statoil, Total and itself. But technological challenges and precipitously low gas prices, as well as the emergence of the U.S. as a gas exporter, have called its financial viability into question. The final investment decision for project hasn't been announced.

Mar. 2012 - Total announced that engineering studies are underway for the portion of the Shtokman project that will allow the transport of gas by pipeline through the Gazprom network (offshore development, gas pipeline and onshore gas and condensates processing facilities on the Teriberka site) and for the LNG part of the project. This will allow the export of 7.5 Mt/y of LNG from a new harbor located in Teriberka, representing approximately half of the gas produced by the first development phase. Estimated to hold 3.8 Tcm of natural gas and 37 million tons of gas condensate, Shtokman is situated in the central region of the Russian sector of the Barents Sea, about 372 miles (599 kilometers) north of the Kola Peninsula in water depths measuring 1,050 to 1,115 feet (320

Feb. 2010 - Gazprom and its joint venture partners will delay Shtokman's startup by three years to 2016. Previously, Shtokman was planned to commence gas production in 2013, with LNG expected in 2014. Startup of the technically challenging development has been delayed due to adverse market conditions, especially for the LNG market, and final investment decisions for the gas project and LNG are now planned for March 2011 and late-2011, respectively. The original field development plan called for Shtokman to produce 23.7 Bcm of natural gas a year and up to 7.5 million metric tons of LNG a year. Estimated to hold 3.8 Tcm of natural gas and 37 million tons of gas condensate, Shtokman is situated in the central region of the Russian sector of the Barents Sea, about 372 miles (599 kilometers) north of the Kola Peninsula in water depths measuring 1,050 to 1,115 feet (320 to 340 meters). The consortium consists of Gazprom, which serves as the operator and holds a 51% interest; Total, which holds a 25% interest; and Statoil, which holds the remaining 24%.

Nov. 2009 - Gazprom announced that Shtokman, situated in the central region of the Russian sector of the Barents Sea, about 372 miles (599 kilometers) north of the Kola Peninsula in water depths measuring 1,050 to 1,115 feet (320 to 340 meters), would not come on stream as planned in 2013, according to a partner in the consortium. Jean-Jacques Mosconi, head of strategy at Total, said the reasons for the delay are the costs, logistical challenges and the uncertainty of gas's future. Total's chief executive said that the field will not be profitable at gas's current price level.

Jul. 2009 - Gazprom may delay development of the giant Shtokman gas condensate field depending on market conditions, according to a report by Dow Jones News wires. Under Gazprom's original plan, it would produce 23.7 billion cubic meters of natural gas a year starting 2013 from the first development phase of the field and up to 7.5 million metric tons of LNG a year starting in 2014. Gazprom is developing the Shtokman field located under harsh conditions in the Barents Sea together with France's Total SA and Norway's StatoilHydro, which hold 25% and 24% in the project, respectively.