Investment in Shtokman is written off but talks continue

 09 August 2012 22:59 GMT

Statoil has written off its investment of about Nkr2 billion ($336.2 million) in the Shtokman gas field and formally surrendered its initial stake in the stalled Russian project.

However, the Norwegian state-controlled oil company remains in talks with dominant project partner Gazprom with a view to further developing the giant gas field in the ice-bound waters of the Barents Sea about 550 kilometres off Russia as a liquefied natural gas export project. The original partners have struggled to agree on commercial terms and a development solution for the project, with Anglo-Dutch giant Shell reported to be looking to come on board as a new partner.

Investment of as much as $15 billion could be required under the first phase of…

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