• Wednesday, 16 May, 2012

Gazprom and Statoil in US pact

 04 December 2009 01:16 GMT

Russian gas giant Gazprom is getting ready to bring more liquefied natural gas to the US after striking a regasification deal with Norway’s Statoil, writes Beate Schjolberg.

The two companies, which are partners in the giant Shtokman LNG project, are in final talks to transfer some of ­Statoil’s LNG import capacity at the Cove Point terminal in Maryland to Gazprom, starting in 2010.

The Russian company will get access to regasification ­capacity of about 500 million cubic metres a year from 2010. The company will also get

2 Bcm a year for a period of 18 to 20 years under a separate long-term contract.

At the same time, Statoil will buy 2 Bcm a year of LNG from Gazprom for 20 years, which will be brought to Cove Point for regasification. Finally, Gazprom will buy 1 Bcm a year of natural gas from Statoil at various US hubs.

This part of the agreement started on 1 November this year and will last for at least five years. The two companies aim to agree on the details and sign the deals by the end of March next year.

Gazprom plans to bring most of its gas from Shtokman to North America.

The Barents Sea field is expected to produce about 1 billion cubic feet of LNG per day starting in 2014.

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