Statoil hands back Shtokman stake

Exit door: Statoil chief executive Helge Lund (third from right) during earlier Shtokman talks with his Gazprom and Total counterparts, and Russian President Vladimir Putin

REUTERS/SCANPIX

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Steve Marshall ,

News Wires

 07 August 2012 12:54 GMT

Statoil is reported to have written off its investment in the Shtokman gas field to the tune of about Nkr2 billion ($336.2 million) and formally surrendered its stake in the stalled Russian project.

However, the Norwegian state oil company, led by chief executive Helge Lund, remains in talks with dominant project partner Gazprom with a view to further developing the giant but challenging gas field in the ice-bound waters of the Barents Sea about 550 kilometres off Russia.

Statoil decided last month not to renew its participation in the Shtokman Development consortium, where it held a 24% share with Russian gas giant Gazprom on 51% and Total of France on 25%, after their partnership agreement expired on 30 June.

The trio have struggled to agree on commercial terms and a development…

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