The company remains in dialogue with the Russian gas monopoly for technological solutions to make the field commercially viable after deciding last summer not to renew its participation in the Shtokman Development consortium, leaving operator Gazprom and Total as the remaining partners.

Gazprom decided last year to postpone development of Shtokman due to the high costs of financing the challenging Arctic project, estimated at $15 billion alone for the first phase that was originally due on stream in 2016.